Upon adoption of a system of classification of taxable property by the city of East Providence, all ratable property in the city of East Providence shall be classified by the assessor as follows:
(1) Class 1: In the city of East Providence, all ratable real estate.
(2) Class 2: In the city of East Providence, all motor vehicles and trailers subject to the excise tax created by chapter 34 of title 44 and tangible personal property.