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

New property tax rules for Smithfield

Effective upon passage, the law changes how Smithfield divides property taxes among three property classes. By June 1 each year, the assessor must value taxable property at full and fair cash value. The assessor determines each class’s share of the total tax levy and sets rates to collect those shares. Class 1 covers homes with up to five units, land classified as open space, and dwellings on leased land, including mobile homes. Class 2 covers commercial and industrial real estate, homes with business uses, and residential buildings with more than five units. Class 3 covers taxable tangible personal property, excluding motor vehicles and trailers; existing requirements under Section 44-5.3-3 still apply. The allocation can raise some owners’ taxes and lower others’ taxes. The law does not specify a change in the total levy or set individual tax bills.