Enables the town of Portsmouth to adopt, repeal, or modify their tax classification plan for any tax year on and after December 31, 2026.

Plain-English Summary

This bill gives the town of Portsmouth, Rhode Island, more flexibility in how it handles its local property tax system. Specifically, it allows Portsmouth to adopt, change, or get rid of its "tax classification plan" — a system that lets a town charge different tax rates for different types of property, such as homes, businesses, and industrial properties — starting with the tax year that begins after December 31, 2026.

Under current Rhode Island law, towns and cities that use a tax classification system must follow specific rules and timelines for making changes. This bill carves out an exception specifically for Portsmouth, giving the town's local government the ability to adjust its tax classification approach on its own terms for future tax years, rather than being locked into existing state requirements.

This bill primarily affects Portsmouth property owners — including homeowners, landlords, and business owners — since any changes Portsmouth makes to its tax classification plan could shift how much different types of property owners pay in local taxes. It also affects Portsmouth's local government, which would gain greater control over how it structures its tax policy going forward.

It's worth noting that this bill does not *require* Portsmouth to make any changes — it simply gives the town the *option* to do so. Whether and how Portsmouth actually uses this new authority would be decided separately by the town's local officials through their own legislative process.