(a) The assessor of the town of Little Compton shall make a full and fair cash valuation of all the estate, real and personal, including motor vehicles and trailers, subject to taxation and determine the assessed valuation of each property class as defined in § 44-5-11.8 of the General Laws entitled Tax Classification. (b) The town council of the town of Little Compton is authorized to apply, by ordinance, a higher rate of taxation to Class 3 property (all ratable tangible property) beginning in tax year 2005 (values as of 12/31/2004); provided, that the tax rate applicable to Class 3 property, notwithstanding the provisions of § 44-5-11.8, shall not exceed the rate applicable to Class 1 by more than two hundred percent (200%); and provided further, that any subsequent tax rate changes thereafter shall be made consistent with the provisions of § 44-5-11.8. History of Section.P.L. 2005, ch. 253, § 2; P.L. 2005, ch. 261, § 2.
Rhode Island Legal Code