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 non-revaluation years.

The bill clarifies the assessment process for tangible personal property, requiring taxpayers to file detailed accounts of their property and its value. It also introduces specific provisions for the notice of assessors' meetings and the requirement for taxpayers to bring in accounts of tangible personal property.

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 mandates that applicants 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. The bill establishes that failure to provide the required income statement can result in denial of the appeal without the right to petition for relief in superior court.

Furthermore, 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. This act does not apply retroactively to appeals of prior assessments whether pending or filed after enactment.

Statutes affected:
942: 44-5-31
942  SUB A: 44-5-31