The bill amends Section 44-5-11.6 of the General Laws concerning the assessment of valuations and apportionment of levies for local taxes. It introduces a cap on increases in property valuations, stating that commencing December 31, 2026, and every December 31 thereafter, all revaluations performed shall not increase by more than twenty percent (20%) from the last previous revaluation. This provision aims to provide stability and predictability in property tax assessments.

The bill also addresses the financial responsibilities associated with the costs incurred during these updates, indicating that the state will cover a significant portion of the expenses for the first two updates, with a gradual decrease in state funding for subsequent updates. Additionally, properties exempt from local property tax are not required to have their values updated under this section. Furthermore, any city or town that fails to conduct the required updates or revaluations will receive the same amount of state aid as in the previous budget year, ensuring financial safeguards for municipalities.

Statutes affected:
7448: 44-5-11.6