The bill proposes significant amendments to the General Laws in Chapter 44-5, which governs the levy and assessment of local taxes in Rhode Island. Key changes include the requirement for all real property to be assessed at its full and fair cash value as of December 31 in the year of the last statistical revaluation, with no adjustments for market fluctuations in non-revaluation years. It introduces specific tax exemptions for residential properties under governmental covenants, farmland, and properties in Warwick and Central Falls, allowing for tax exemptions on improvements until the next general citywide reevaluation. Additionally, the bill mandates that municipalities provide notice to taxpayers regarding tangible personal property assessments and outlines a new framework for exempting new construction from taxation under certain conditions.

Further amendments streamline the appeal process for property tax assessments, requiring taxpayers to file appeals by November 15 each year and clarifying the responsibilities of taxpayers in submitting their applications. The bill removes outdated legal language and emphasizes equitable treatment of taxpayers, specifying criteria for appeals and the consequences of failing to meet deadlines. It also allows for a single petition for multiple contiguous parcels and introduces provisions for assessors to request extensions for hearings. Importantly, the bill repeals Section 44-5-31, which previously governed the judgment process for taxpayers who had not filed an account, and establishes that the new provisions will apply to the tax year 2026 and beyond, without retroactive effect on prior assessments.

Statutes affected:
6043: 44-5-31