The bill amends Section 44-5-12 of the General Laws concerning the assessment of local taxes, specifically focusing on the valuation of real property for taxation purposes. It establishes that all real property must be assessed at its full and fair cash value as of December 31 of the last update or revaluation, with specific provisions for residential properties encumbered by covenants, farmland, and properties in Warwick and Central Falls that undergo improvements.

The bill introduces a new provision that mandates assessors to use the most recent sales price of real estate classified as low- and moderate-income housing, as defined in 45-53-3, for the purpose of serving as owner-occupied homeownership units.

Additionally, the bill clarifies that renewable energy resources will not affect the reclassification or reassessment of the real property on which they are located, except for farmland. It also outlines exemptions for new construction on development properties from tax assessments, provided certain conditions are met, and emphasizes that these exemptions do not apply to land. The act is set to take effect upon passage.

Statutes affected:
5698: 44-5-12