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

This bill allows the town of Tiverton to set different tax rates for different property types, such as residential homes versus commercial buildings. It creates five property classes: Class 1 (small residential properties, open space, and leased dwellings, with options for homestead exemptions or separate owner/non-owner rates), Class 2 (commercial, industrial, and larger residential), Class 3 (tangible personal property), Class 4 (motor vehicles, though this tax is repealed), and Class 5 (mobile homes). Tiverton can adjust rates within each class to determine how much property owners pay, while keeping rates uniform for similar properties. This change directly affects Tiverton residents and businesses by altering how local property taxes are calculated based on property type.