Upon adoption of a system of classification of taxable property by the city of Newport, all ratable property in the city of Newport shall be classified by the assessor as follows:
(1) Class One: all ratable tangible personal property;
(2) Class Two: residential real estate with less than four (4) units;
(3) Class Three: all commercial and industrial real estate and residential real estate with four (4) units or more; and
(4) Class Four: motor vehicles and trailers subject to the excise tax created by chapter 34 of this title.
History of Section.
P.L. 2002, ch. 279, § 1; P.L. 2002, ch. 346, § 1.