§ 44-5-11.5. Legislative findings - Revaluation cycle. It is found and declared that:

(1) Rhode Island property taxes continue to play a significant 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-date property values in each of the cities and towns.

(2) The state's ten (10) year property revaluation cycle is the longest revaluation cycle in the country. Infrequent revaluations translate into disparities in property tax burden between types and classes of property within and among cities and towns. In addition, because each city and town represents 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 that all taxpayers in Rhode Island are treated equitably. The more frequent the revaluation, the greater the equity within and among jurisdictions. Ensuring that taxpayers are treated fairly begins with modernizing the administration of the property tax that ensures:

(i) Up-to-date property values are maintained through more frequent property revaluations;

(ii) Cities and towns meet defined standards related to performing updates of property values;

(iii) The state shares in the cost of performing updates of property values in the cities and towns;

(iv) A meaningful and effective method of ensuring that cities and towns comply with the nine (9) year revaluation cycle and the updates of property values are developed;

(v) Procedures for administering the property tax are standardized - such as general reporting and classification systems;

(vi) Assessors and contracted property revaluation companies meet appropriate qualifications and standards; and

(vii) Intergovernmental cooperation in the administration of the property tax is maximized.

(4) With these findings in mind, it is the intent of the general assembly to institute a revaluation cycle where every city or town conducts a revaluation within nine (9) years of the date of the prior revaluation and shall conduct an update of real property every three (3) years from the date of the last revaluation.

History of Section. (P.L. 1997, ch. 179, § 1.)