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, and it prohibits adjustments to assessments for market fluctuations in years when there is no revaluation, statistical revaluation, or update.
The assessment process for tangible personal property is clarified, with new filing requirements for taxpayers established. Taxpayers must file a true and exact account of all tangible personal property owned or possessed between January 2 and January 31 of each year. Notices regarding the requirement to file an account must be posted in public places and advertised in a newspaper in December preceding the tax year.
The bill modifies the property tax appeal process, allowing aggrieved parties to file appeals by November 15 each year, with set timelines for review and decisions by local tax boards. The assessor has until December 31 of the year of the appeal to render decisions and notify taxpayers. If the local tax board of review does not hear a matter within ninety days or fails to render a decision within forty-five days after the close of the hearing, the city or town may request extensions from the director of the department of revenue.
Additionally, the bill requires applicants to submit a statement of income and expenses covering the most recent twelve-month period prior to December 31 for certain types of properties. It allows for a single appeal for multiple contiguous parcels of real estate.
The bill also introduces new language regarding the judgment process for taxpayers who fail to file required accounts, ensuring they can receive deductions or judgments for incorrect assessments. The act will take effect upon passage, applying to assessment dates on or after December 31, 2025, without retroactive effects on prior assessments.
Statutes affected: 942: 44-5-31
942 SUB A: 44-5-31