(a) Any fire district in the town of Coventry may adopt a tax classification plan, by a vote of the electors of the district, with the following limitations:
- (1) The designated classes of property shall be limited to the four (4) classes as defined in subsection (b) of this section.
- (2) The effective tax rate applicable to any class excluding class 4 shall not exceed by fifty percent (50%) the rate applicable to any other class.
- (3) Any tax rate changes from one year to the next shall be applied such that the same percentage rate change is applicable to all classes, excluding class 4.
- (4) Notwithstanding subdivisions (2) and (3) of this subsection, the tax rates applicable to wholesale and retail inventory within class 3 as defined in subsection (b) of this section are governed by § 44-3-29.1.
- (5) The tax rates applicable to motor vehicles within class 4 as defined in subsection (b) of this section are governed by § 44-34.1-1 [repealed].
- (6) The provisions of chapter 35 of this title relating to property tax and fiscal disclosure applies to the reporting of and compliance with these classification restrictions.
- (b) Classes of property.(1) Class 1: Residential real estate consisting of no more than five (5) dwelling units, land classified as open space, and dwellings on leased land including mobile homes. (2) Class 2: Commercial and industrial real estate, residential properties containing partial commercial or business uses and residential real estate of more than five (5) dwelling units. (3) Class 3: All ratable tangible personal property. (4) Class 4: Motor vehicles and trailers subject to the excise tax created by chapter 34 of this title.
History of Section.
P.L. 2013, ch. 516, § 1.