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

SB 1097 requires that Class 1 property tax rates in Warwick be set at no less than 57% of Class 2 property tax rates, ensuring a minimum ratio between the two classifications. This directly affects property owners in Warwick, as the city assessor must apply this ratio when determining annual tax rates. The bill amends local tax law to mandate this specific rate relationship for Class 1 and Class 2 properties, rather than requiring identical rates. It applies retroactively to the December 31, 2024, property assessment.