The bill amends Section 44-5-11.6 of the General Laws concerning the assessment of valuations and apportionment of levies for local taxes. It introduces a new provision that caps increases in property valuations at twenty percent (20%) for revaluations conducted starting December 31, 2025, and every December 31 thereafter. This aims to provide stability and predictability in property tax assessments.

The bill also addresses the financial responsibilities for the costs incurred during these updates, specifying that the state will cover a significant portion of the expenses for the first two updates, with a decreasing share for subsequent updates. Additionally, it includes provisions for distressed communities to ensure they receive greater state support. Furthermore, the bill mandates that any city or town failing to comply with the update or revaluation requirements will not receive increased state aid, thereby incentivizing adherence to the new regulations.

Statutes affected:
5696: 44-5-11.6