Removes the specified property from Newport's corporate limits. Specifies that the act has no effect upon the validity of any liens of the Town of Newport for ad valorem taxes or special assessments outstanding before the act's effective date; allows the liens to be collected or foreclosed upon after the act's effective as though the property were still within the Town's corporate limits.

Effective June 30, 2024. Provides that property in the described territory as of January 1, 2024, is no longer subject to municipal taxes for taxes imposed for taxable years beginning on or after July 1, 2024.