The bill amends Section 44-5-11.6 of the General Laws in Chapter 44-5, which pertains to the levy and assessment of local taxes. It repeals the previous provisions of § 44-5-11 and introduces a structured schedule for property valuation updates and tax levies for various cities and towns, establishing specific timelines for each locality. A key feature of the bill is the cap on property valuation increases, which stipulates that any revaluation conducted after December 31, 2025, must not exceed a 20% increase from the last revaluation. This aims to create more predictable tax assessments for property owners.

Furthermore, the bill outlines the financial responsibilities associated with these updates, with the state covering a significant portion of the costs for the first two updates and a reduced share for subsequent updates. It also clarifies that properties exempt from local property tax are not required to undergo updates unless eligible for state reimbursement. Additionally, cities and towns that fail to conduct updates or request extensions will still receive the same level of state aid as the previous year. The bill requires a two-thirds (⅔) majority approval from both houses of the general assembly for any revaluation, ensuring a systematic and equitable approach to property tax assessments across municipalities.