Revaluations to be conducted every 5 years

PROVIDENCE – Required revaluations of real estate will be conducted every five years instead of three, under legislation included in the fiscal 2016 budget.
Full revaluations will be conducted by communities every 15 years instead of nine, under the bill sponsored by Sen. William A. Walaska, D-Warwick. The Senate approved the measure last week. The House of Representatives was expected to follow suit this week.
The change will save nearly $7 million for the state and millions of dollars for towns and cities, Waleska said, and remove a requirement for more frequent statistical revaluations that don’t appreciably lead to more taxes.
Previously, all towns and cities were required to undergo full evaluations every nine years, and two rounds of statistical revaluations every three years.
“A couple of decades ago, when things were booming and home values were soaring, it benefitted communities to do revaluations more often so the community could collect more taxes on the increased values of properties. Things are different today and I believe property values will not change a great deal if the reevaluation is conducted every five years instead of every three years.”
If property values begin to rise dramatically, the legislation can be revisited, he said. If property values fall, communities have an appeals process already in place.

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