§ 44-5-20.19. North Smithfield - Property tax classification - List of ratable property. (a) Upon adoption of a system of classification of taxable property by the town of North Smithfield, all ratable property in the town of North Smithfield shall be classified by the assessor as follows:

(1) Class 1: all residential real estate, which consists of not more than five (5) dwelling units and all residential real estate that consists of six (6) dwelling units in which at least one unit is owner-occupied. Class 1 includes all mobile/manufactured homes;

(2) Class 2: all commercial and industrial real estate and all residential real estate which consists of six (6) dwelling units in which no units are owner-occupied and all residential real estate which consists of more than six (6) dwelling units;

(3) Class 3: all ratable tangible personal property;

(4) Class 4: all motor vehicles and trailers subject to the excise tax created by chapter 34 of this title.

(b) Where real property is used or held for more than one purpose and the uses result in different classifications, the assessor shall allocate to each classification the percentage of true and fair cash value to the property devoted to each use.

(c) Notwithstanding any provisions of § 44-5-11.8, the tax rates applicable to wholesale and retail inventory within Class 3 as defined in subsection (a) of this section are governed by § 44-3-29.1.

(d) The tax rates applicable to motor vehicles within Class 4 as defined in subsection (a) of this section are governed by § 44-34.1-1.

History of Section. (P.L. 1994, ch. 221, § 1; P.L. 2007, ch. 359, § 1; P.L. 2007, ch. 463, § 1.)