(a) Upon adoption of a system of classification of taxable property by the city of Newport, all ratable property in the city of Newport shall be classified by the assessor as follows: (1) Class One: all ratable tangible personal property; (2) Class Two: residential real estate with less than four (4) units; (3) Class Three: all commercial and industrial real estate and residential real estate with four (4) units or more; and (4) Class Four: motor vehicles and trailers subject to the excise tax created by chapter 34 of this title. (b) In lieu of the city of Newport adopting a homestead exemption authorized by ordinances enacted pursuant to § 44-5-78, the city of Newport may divide the residential real estate in Class Two of this section, into non-owner occupied and owner-occupied properties and adopt separate tax rates in compliance with the restrictions set forth in § 44-5-76.2. The city of Newport, by ordinance or resolution, shall provide rules and regulations, including, but not limited to, governing the division and definition of non-owner and owner-occupied properties.
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