§ 44-5-11.5 - Legislative findings – Revaluation cycle.
SECTION 44-5-11.5
§ 44-5-11.5 Legislative findings –Revaluation cycle. – It is found and declared that:
(1) Rhode Island property taxes continue to play asignificant role in the financing of local educational and municipal services.The general assembly recognizes that the way the property tax is assessed,levied and collected can be improved to provide more reliable and up-to-dateproperty values in each of the cities and towns.
(2) The state's ten (10) year property revaluation cycle isthe longest revaluation cycle in the country. Infrequent revaluations translateinto disparities in property tax burden between types and classes of propertywithin and among cities and towns. In addition, because each city and townrepresents multiple systems and procedures for administering the property tax,there is an inconsistent administration of property tax law and regulations.
(3) It is the intent of the general assembly to ensure thatall taxpayers in Rhode Island are treated equitably. The more frequent therevaluation, the greater the equity within and among jurisdictions. Ensuringthat taxpayers are treated fairly begins with modernizing the administration ofthe property tax that ensures:
(i) Up-to-date property values are maintained through morefrequent property revaluations;
(ii) Cities and towns meet defined standards related toperforming updates of property values;
(iii) The state shares in the cost of performing updates ofproperty values in the cities and towns;
(iv) A meaningful and effective method of ensuring thatcities and towns comply with the nine (9) year revaluation cycle and theupdates of property values are developed;
(v) Procedures for administering the property tax arestandardized – such as general reporting and classification systems;
(vi) Assessors and contracted property revaluation companiesmeet appropriate qualifications and standards; and
(vii) Intergovernmental cooperation in the administration ofthe property tax is maximized.
(4) With these findings in mind, it is the intent of thegeneral assembly to institute a revaluation cycle where every city or townconducts a revaluation within nine (9) years of the date of the priorrevaluation and shall conduct an update of real property every three (3) yearsfrom the date of the last revaluation.