Notwithstanding any provision within § 44-5-11.8 to the contrary:

(a)  Upon the completion of any comprehensive revaluation in accordance with § 44-5-11.6, the city of East Providence may adopt a tax classification plan by ordinance with the following limitations:

(1)  The designated classes of property shall be limited to the four (4) classes as defined in subsection (b).

(2)  The tax rate applicable to any class shall not exceed by two hundred percent (200%) the rate applicable to any other class.

(3)  Any tax rate changes from one year to the next shall be applied such that the same percentage rate change is applicable to all classes.

(4)  Notwithstanding subdivisions (a)(2) and (a)(3), the tax rates applicable to wholesale and retail inventory within Class 3 as defined in subsection (b) are governed by § 44-3-29.1.

(5)  Notwithstanding subdivisions (a)(2) and (a)(3), the tax rates applicable to motor vehicles within Class 4 as defined in subsection (b) are governed by § 44-34.1-1.

(6)  The provisions of chapter 35 of this title relating to property tax and fiscal disclosure applies to the reporting of and compliance with these classification restrictions.

(b) Classes of Property.

(1)  Class 1: Residential real estate consisting of no more than three (3) dwelling units, land classified as open space, and dwellings on leased land including mobile homes. A homestead exemption provision is also authorized within this class; provided, however, that the actual effective rate applicable to property qualifying for this exemption shall be construed as the standard rate for this class against which the maximum rate applicable to another class shall be determined.

(2)  Class 2: Commercial and industrial real estate, residential properties containing partial commercial or business uses and residential real estate of more than three (3) dwelling units.

(3)  Class 3: All ratable tangible personal property; excluding wholesale and retail inventory, which shall be taxed in accordance with § 44-3-29.1.

(4)  Class 4: Motor vehicles and trailers subject to the excise tax created by chapter 34 of this title.