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

New property tax rules for Smithfield

Effective upon passage, the law changes only Smithfield's property tax system. By June 1 each year, the assessor must value taxable property at full market value and determine totals by class. The assessor assigns each class a share of the total property tax levy and sets rates to collect those shares. Class 1 covers homes with up to five units, open-space land, and homes on leased land, including mobile homes. Class 2 covers commercial and industrial property, homes partly used for business, and residential properties with more than five units. Class 3 covers taxable tangible personal property, excluding motor vehicles and trailers. The law sets no specific rates or tax amounts; individual bills depend on the class allocations and rates.