AN ACT RELATING TO TAXATION -- LEVY AND ASSESSMENT OF LOCAL TAXES .

Warwick gains more property tax flexibility

Warwick no longer has to charge the same tax rate within each property class. The law also removes the rule setting Class 1 rates at no less than 57% of Class 2 rates. Rates still require an annual tax resolution approved through the city charter’s budget approval process. By June 15 each year, the assessor must value all taxable property at full and fair cash value. This covers real property, personal property, motor vehicles and trailers, with assessed values determined for each class. The law takes effect upon passage and applies retroactively to the December 31, 2024 assessment. Individual tax bills may rise or fall depending on the rates Warwick sets; the law sets no specific rates.