(a)  The assessor of the city of Newport, on or before June 1 of each year, shall make a full and fair cash valuation of all the estate, real and personal, including motor vehicles and trailers, subject to taxation and determine the assessed valuation of each property class.

(b)  The designated classes of property shall be limited to the four (4) classes as defined in § 44-5-76.1.

(c)  The effective tax rate applicable to any class shall not exceed by fifty percent (50%) the rate applicable to any other class.

(d)  Any tax rate changes from one year to the next shall be applied so that the same percentage rate change is applicable to all classes. Notwithstanding the aforesaid sentence, in the first year following comprehensive revaluation or any update in accordance with § 44-5-11.6, the city is authorized to set the effective tax rate applicable to any class in an amount not to exceed by fifty percent (50%) the rate applicable to any other class.

(e)  The tax rates applicable to motor vehicles within class four as defined in § 44-5-76.1 are governed by § 44-34.1-1.

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