AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES

This bill proposes to set a statewide cap of 12% per year on the interest or penalties that cities and towns can charge on unpaid local taxes. Currently, local municipalities have the authority to set these rates up to 18%, but this legislation would lower that maximum limit for most towns while keeping the existing 12% cap for the city of Cranston. The change aims to standardize the maximum cost of late payments across the state by amending the General Laws regarding local tax assessments.