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

HB 7298 would allow the town of Tiverton to apply different tax rates to five defined property classes, directly affecting all Tiverton property owners. The bill specifies categories including residential homes (with options for homestead exemptions or separate rates for owner-occupied vs. non-owner properties), commercial/industrial properties, personal property, and mobile homes on leased land. Tax rates must be uniform within each class but can vary between classes, giving Tiverton flexibility in how it structures local taxation. This bill proposes a concrete change to Tiverton's tax assessment process, not a new tax or rate increase. It requires no action beyond the town adopting the classification system, with no immediate financial impact unless implemented.