2024-38 Resolution of the Council, re: Tax rate split between classifications (Commercial real estate, Residential real estate, and Personal Property tax).

THE TOWN OF MIDDLETOWN

RESOLUTION

OF THE

COUNCIL

No: ...2024-38...

WHEREAS:

The Town of Middletown has undergone a statistical revaluation of its property assessment as required by Rhode Island General Law 44-5-11.6,

and,

WHEREAS:

The Town Council must set a tax rate split for the three classifications of residential real estate, commercial real estate, and personal property in the year of a revaluation,

and,

RESOLVED:

That the tax rate split between the classifications are as follows:

The commercial real estate rate shall be one hundred fifty percent (150%) of the residential real estate-resident rate.

The residential real estate rate for non-residents shall be one hundred thirty percent (130%) of the residential real estate-resident rate.

The personal property rate shall be frozen at eighteen dollars and seventy cents ($18.70) per one thousand dollars in accordance with Rhode Island General Law 44-5.3-3 and 44-5.3-4.

JUNE 17, 2024

READ AND PASSED IN COUNCIL

Wendy J. W. Marshall, MMC
Town Clerk