[Adopted 6-20-2002, effective 7-16-2002 (Ch. II, § 8, 2-08-10, of the 1991 Code)]
R.I.G.L. § 44-5-11.8 authorizes towns to adopt a tax classification plan by ordinance; and the Town Council desires to adopt a tax classification plan in accordance with R.I.G.L. § 44-5-11.8.
All ratable property in the Town of Glocester shall be classified by the Assessor as follows:
A. 
Class 1: Residential real estate consisting of no more than five dwelling units, land classified as open space, and dwellings on leased land, including mobile homes.
B. 
Class 2: Commercial and industrial real estate, residential properties containing partial commercial or business uses and residential real estate of more than five dwelling units.
C. 
Class 3: All ratable tangible personal property.
D. 
Class 4: Motor vehicles and trailers subject to the excise tax created by Chapter 34 of Title 44 of the General Laws.
A. 
The tax rates applicable to wholesale and retail inventory within Class 3 shall be governed by R.I.G.L. § 44-3-29.1. The tax rates applicable to motor vehicles within Class 4 shall be governed by R.I.G.L. § 44-34.1-1.
B. 
The Assessor shall, on or about June 1 of each year, make a full and fair cash valuation of all ratable property and determine the assessed valuation of each property class. The Assessor shall apply a rate of taxation against Class 3 property, as approved by the Town Council, which differs from the rate of taxation applied against property in Classes 1 and 2.
C. 
The tax rate applied against Class 3 property assessed as of December 31, 2001, shall be $27 per thousand, and said rate shall thereafter be set annually in accordance with R.I.G.L. § 44-5-11.8 and this article.
This article shall take effect upon passage by the Town Council and shall be applicable to taxes assessed as of December 31, 2001, and to each December 31st thereafter.