§ 44-5-76.2 - Newport – Property tax classification.
SECTION 44-5-76.2
§ 44-5-76.2 Newport – Property taxclassification. – (a) The assessor of the city of Newport, on or before June 1 of each year,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 theassessed valuation of each property class.
(b) The designated classes of property shall be limited tothe four (4) classes as defined in § 44-5-76.1.
(c) The effective tax rate applicable to any class shall notexceed by fifty percent (50%) the rate applicable to any other class.
(d) Any tax rate changes from one year to the next shall beapplied so that the same percentage rate change is applicable to all classes.
(e) The tax rates applicable to motor vehicles within classfour as defined in § 44-5-76.1 are governed by § 44-34.1-1.
(f) The provisions of chapter 35 of this title relating toproperty tax and fiscal disclosure applies to the reporting of and compliancewith these classification restrictions.