(a) The assessor of the town of Smithfield, on or before June 1 of each year, shall make full and fair cash valuation of each property class as identified in subsection (b) of this section and notwithstanding the provisions of § 44-5-11.8 to the contrary, determine the percentage of the tax levy to be apportioned each class of property and shall 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; land classified as open space; and dwellings on leased land including mobile homes.
(2) Class 2. Commercial and industrial real estate; residential properties containing partial commercial or business uses; and residential real estate of more than five (5) dwelling units.
(3) Class 3. All ratable tangible personal property excluding motor vehicles and trailers subject in all respects to the requirements of § 44-5.3-3.