R.I. Gen. Laws § 44-5-20.29 — Property tax classification — Lincoln — Tax levy determination

(a) The assessor and finance director shall provide to the town council a list containing
the full and fair valuation of each property class, and with the approval of the town
council, annually determine the percentage of the tax levy to be apportioned each
class of property and shall annually apply tax rates sufficient to produce the proportion
of the total tax levy.
(b) Classes of Property.
(1) Class 1. Residential real estate consisting of no more than five (5) dwelling units including
dwellings on leased land including mobile homes. The existing homestead exemption
authorized for residential properties shall continue in full force and effect.
(2) Class 2. Commercial and industrial real estate, and residential real estate of more than five
(5) dwelling units.
(3) Class 3. All ratable tangible personal property excluding motor vehicles and trailers. (Notwithstanding
any provisions of the contrary, the tax rates applicable to wholesale and retail inventory
within Class 3 are governed by § 44-3-29.1).
(4) [Repealed by P.L. 2004, ch. 439, § 1; P.L. 2004, ch. 527, § 1, effective July 1, 2005].