The bill amends several sections of Chapter 44-5 of the General Laws, which governs the levy and assessment of local taxes in Rhode Island. 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, requiring taxpayers to file detailed accounts of their property and its value. It mandates that notices regarding the requirement to file an account for tangible personal property be posted in public places and advertised in a newspaper in December preceding the tax year.

Additionally, the bill revises the property tax appeal process, allowing aggrieved parties to file appeals by November 15 each year, with set timelines for assessors' reviews and decisions. It requires applicants to submit a statement of income and expenses covering the most recent twelve-month period prior to December 31, and allows for a single appeal for multiple contiguous parcels of real estate. Failure to provide the required income statement can result in denial of the appeal without the right to petition for relief in superior court.

The bill also establishes that if a taxpayer has not filed a required account for tangible personal property, they shall not benefit from certain remedies unless specific conditions are met. It clarifies the process for extensions of time for local tax boards to hear appeals and allows for petitions in superior court for relief from tax assessments within thirty days of a tax board's decision.

The act will take effect upon passage, applying to assessment dates on or after December 31, 2025. It does not apply retroactively to appeals of prior assessments, whether pending or filed after enactment.

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