The bill proposes amendments to Section 44-5-11.6 of the General Laws, specifically revising the schedule for property valuation assessments and tax levy apportionments by local assessors. It extends the deadlines for the city of Woonsocket's second statistical update following the 2017 revaluation from 2023 to 2024, and the full revaluation from nine years after the 2017 revaluation to December 31, 2027. Subsequent statistical updates are scheduled based on valuations as of December 31, 2030, and December 31, 2033. The bill includes new schedules for updates and revaluations for specific cities and towns, and deletes previous deadlines that were set for these assessments. The bill also addresses the financial aspect of these updates, stating that the state is responsible for covering a portion of the costs for the first three updates and any additional updates thereafter. It mandates that cities and towns are not obligated to conduct an update unless the state has appropriated sufficient funds to cover its share of the costs. Properties exempt from local property tax or those paying in lieu of taxes are eligible for state reimbursement. A two-thirds majority approval from both houses of the general assembly is required for any extensions to the dates for conducting updates or revaluations. The act will be effective immediately upon passage.

Statutes affected:
1104: 44-5-11.6