The bill amends Section 44-5-11.6 of the General Laws in Chapter 44-5, titled "Levy and Assessment of Local Taxes," by inserting new provisions and updating the existing legal framework. The bill outlines a detailed schedule for the assessment of valuations and the apportionment of levies for various cities and towns within the state, with specific years assigned for updates and revaluations. It includes transition periods for certain towns and post-transition schedules, with implementation dates set for December 31 of the stated years. The bill also provides for extensions of reevaluation periods for certain towns, with no additional reimbursements by the state for delays.

Significant insertions include a new provision that, starting December 31, 2023, and for every subsequent December 31, all revaluations performed shall not increase by more than twenty percent (20%) from the last previous revaluation. The bill also stipulates the responsibilities of the director of the department of revenue in promulgating rules and regulations for updates, the cost-sharing between the state and towns for updates, and the conditions under which cities and towns are required to conduct updates. The bill requires a two-thirds majority of both houses of the general assembly for any extensions of dates for updates or revaluations. The act would take effect upon passage and aims to cap increases in consecutive revaluations of real property at twenty percent (20%) for all cities and towns conducting revaluations from December 31, 2023, onwards.

Statutes affected:
5049: 44-5-11.6