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

SB 2577 allows the town of Portsmouth to adopt, repeal, or modify its local tax classification plan for any tax year beginning on or after December 31, 2026. This change gives Portsmouth flexibility in structuring how different property types (like homes, businesses, and personal property) are taxed relative to each other, while still adhering to existing statewide rate limits between tax classes. The bill directly affects Portsmouth property owners and businesses by altering how their local taxes are calculated under the town's chosen classification system. It does not change tax rates themselves but modifies Portsmouth's authority to adjust its tax structure within current legal constraints.