§ 44-5-20.5 - Pawtucket – Property tax classification – Procedures for adopting.
SECTION 44-5-20.5
§ 44-5-20.5 Pawtucket – Property taxclassification – Procedures for adopting. – (a) When the city of Pawtucket has been certified by the director of revenuefor property tax classification in accordance with § 44-5-20.1, the cityof Pawtucket shall annually first determine the percentages of the local taxlevy to be borne by each class of ratable property as defined in §44-5-20.2 for the next fiscal year. In determining the percentages, theassessor together with the mayor's approval shall after determining revenues tobe realized from Class 2 properties then determine the residential factor. Thefactor shall be an amount not less than the minimum residential factordetermined by the director of revenue in accordance with § 44-5-20.3 andshall be used by the assessor to determine the percentages of the local taxlevy to be borne by each class. After the first year, the rate of taxation ofClass 2 properties shall not exceed the rate of taxation of the previous year,until the rate of taxation of Class 1 properties is equal to the rate of Class2 properties.
(b) In the first year, the Class 1 percentage shall be thefull and fair cash value of the Class 1 property divided by the full and faircash value of all real and personal property, excluding motor vehicles, in thecity multiplied by the residential factor. In succeeding years, the rate oftaxation shall be determined after Class 2 properties' revenues have beendetermined.
(c) In the first year, the Class 2 percentage shall be thefull and fair cash value of the Class 2 property divided by the sum of the fulland fair cash value of all real and personal property, excluding motorvehicles, in the city multiplied by the difference between one hundred percent(100%) and the Class 1 percentage.