The bill amends several sections of Chapter 44-5 of the General Laws, which governs the levy and assessment of local taxes. Key changes include a requirement for all real property to be assessed at its full and fair cash value as of December 31 of the last statistical revaluation, prohibiting adjustments for market fluctuations in years without revaluation or statistical updates.

The bill clarifies the assessment process for tangible personal property, establishing new filing requirements for taxpayers to submit a true and exact account of all tangible personal property owned or possessed between January 2 and January 31 of each year. It modifies notice requirements for assessors' meetings, requiring notices to be posted in public places and advertised in a newspaper in December preceding the tax year.

Further amendments focus on the property tax appeal process, mandating that applicants submit a statement of income and expenses covering the most recent twelve-month period prior to December 31 for income-producing properties. The bill allows for a single appeal for multiple contiguous parcels of real estate and requires that any global extensions for appeals be posted on the Department of Revenue's website.

It clarifies the timeline for local tax boards to hear appeals and render decisions, stating that if a local tax board does not hear a matter within ninety days of the filing of the appeal or does not render a decision within forty-five days after the close of the hearing, the city or town may request extensions from the Department of Revenue. Taxpayers may file petitions in superior court for relief from tax assessments within thirty days of a tax board's decision or if the board has not issued a decision within the specified time frames.

The bill also includes provisions regarding the judgment process for taxpayers who have filed an account and those who have not, emphasizing the importance of filing and providing clearer guidelines for court judgments in cases of over-assessment or illegal taxation. The act will take effect upon passage, applying to assessment dates on and after December 31, 2025, without retroactive effects on prior assessments.

Statutes affected:
6043: 44-5-31
6043  SUB A: 44-5-31