The assessor of the city of Warwick, on or before June 15 of each year, shall make a full and fair cash valuation of all the estate, real and personal, including motor vehicles and trailers, subject to taxation, and determine the assessed valuation of each property class. The assessor has the authority to apply different rates of taxation to each class and to determine the tax due and payable on the property; provided, that the rates are pursuant to an annual tax resolution approved in the same manner as is provided for budget approval in the city charter; provided, further, that the rate of taxation is uniform within each class; and provided, further, that for each year, Class 1 property tax rates shall not be less than seventy-five percent (75%) of class two (2) property tax rates.
History of Section.
P.L. 1997, ch. 17, § 1.