A comprehensive micromechanical model for the analysis of a smart composite piezo-magneto-thermoelastic thin plate with rapidly varying thickness is developed in Part I of thiswork. The asymptotichomogenization model is developed using static equilibrium equations and the quasi-static approximation of Maxwell’s equations. The work culminates in the derivation of general expressions for effective elastic, piezoelectric, piezomagnetic, dielectric permittivity and other coefficients. Among these coefficients, the so-called product coefficients are determined which are present in the behavior of the macroscopic composite as a result of the interactions between the various phases but can be absent from the constitutive behavior of some individual phases of the composite structure. The model is comprehensive enough to also allow for calculation of the local fields of mechanical stresses, electric displacement and magnetic induction. The present paper determines the effective properties of constant thickness laminates comprised of monoclinic materials or orthotropic materials which are rotated with respect to their principal material coordinate system. A further example illustrates the determination of the effective properties of wafer-type magnetoelectric composite plates reinforced with smart ribs or stiffeners oriented along the tangential directions of the plate. For generality, it is assumed that the ribs and the base plate are made of different orthotropic materials. It is shown in this work that for the purely elastic case the results of the derived model converge exactly to previously established models. However, in the more general case where some or all of the phases exhibit piezoelectric and/or piezomagnetic behavior, the expressions for the derived effective coefficients are shown to be dependent on not only the elastic properties but also on the piezoelectric and piezomagnetic parameters of the constituent materials. Thus, the results presented here represent a significant refinement of previously obtained results.