§ 44-5-20.29 - Property tax classification – Lincoln – Tax levy determination.
SECTION 44-5-20.29
§ 44-5-20.29 Property tax classification– Lincoln – Tax levy determination. – (a) The assessor and finance director shall provide to the town council a listcontaining the full and fair valuation of each property class, and with theapproval of the town council, annually determine the percentage of the tax levyto be apportioned each class of property and shall annually apply tax ratessufficient to produce the proportion of the total tax levy.
(1) Class 1. Residential real estate consisting of nomore than five (5) dwelling units including dwellings on leased land includingmobile homes. The existing homestead exemption authorized for residentialproperties shall continue in full force and effect.
(2) Class 2. Commercial and industrial real estate,and residential real estate of more than five (5) dwelling units.
(3) Class 3. All ratable tangible personal propertyexcluding motor vehicles and trailers. (Notwithstanding any provisions of thecontrary, the tax rates applicable to wholesale and retail inventory withinClass 3 are governed by § 44-3-29.1).
(4) [Repealed by P.L. 2004, ch. 439, § 1; P.L.2004, ch. 527, § 1, effective July 1, 2005].