2017 STATISTICAL REVALUATION INFORMATION
Sale statistics on general market appreciation on non-ranch style homes, ranch homes, and the overall market. Information provided by Realtor.com and RILiving.com.
APRIL 19: Final analysis will wrap up by April 27th. Any property that either had a hearing on and/or had a change in value will receive a new valuation letter within the next two weeks. Vision Appraisal will wrap up their work at that time and turn the project over to the town. When you receive your 2018 tax bill, if you're still not satisfied with the assessed valuation, you have the right to appeal to the Tax Assessor between July 2nd and September 28th. There will be no further updates on the 2017 Statistical Revaluation. Thank you to everyone who cooperated with this process, it is truly appreciated. The next revaluation is scheduled for 2020 and will be a full, door to door, revaluation.
APRIL 12: Informal hearings will end on April 13th. For those who have had a meeting, you will be notified by mail if any changes has been made to your preliminary assessment. Others may recieve a notice as well if it is determined that the original preliminary assessment has changed due to information gathered during the informal hearing process of surrounding properties, or further analysis done by Vision and/or the Tax Assessor. All letters will be mailed out to property owners by April 30th.
MARCH 30: Hearings have begun and will continue for at least another week. To date, 225 hearings have been scheduled (including ones scheduled for next week). As Tax Assessor, I have been kept informed of all issues being brought up to ensure everyone is being heard and assessed fairly/properly. If you still have not schedule a hearing but have concerns about your assessment, or just want general information, please schedule a hearing. Do not worry whether or not your questions may seem small, if it is important to you, it's important to me! ~ David Robert, Assessor
MARCH 20: Notices of preliminary new valuations are expected to be mailed today. DO NOT take your new preliminary value and multiply it with the current tax rate, it will give you an incorrect property tax amount. Overall the town has seen an increase in property valuations, therefore the tax rate will be lowered. If you do have a question regarding your new assessment, please contact Vision Appraisal at 1-888-XXX-XXXX between the hours of 9:00 AM - 4:00 PM. Additional options will be explained in your preliminary valuation notice letter. The informal hearing process is now over.
To view your assessment details on-line, or to compare your assessment with your neighbors, you can go to Vision's website at www.VGIS.com.
MARCH 5: Final field review of all properties. 3 field reviewers are finalizing the preliminary assessment values on all properties. Residents will be mailed a notice in late March/early April of the value placed on your property. At that time, if you disagree or have a concern, there will be an opportunity to meet with Vision Government Solutions to discuss your assessment. Further informationn will be updated here and contained within the letter mailed.
JANUARY 15: Commercial property reviews will begin.
JANUARY 2: Residential Field Review has begun. Appraisers will be driving by each residential property reviewing data and preliminary valuation from thier vehicles. These vehicles are clearly marked as assessor reviewers.
DECEMBER 11: Sales analysis has begun with limited field review. It is expected that a drive-by, house by house review will begin in late January. Appraisers, from their vehicle, will review each property record card for accuracy and a preliminary value. If the appraiser feels some additional information is needed or that some data may be in error, they will contact the owner for clarification.
SEPTEMBER 12: The Tax Assessor will be conducting field data collection/reviews beginning this week. These reviews will continue through December. Some of these reviews will be to conduct qualifty checks on the work performed by Vision.
AUGUST 25: A field appraiser from Vision will be inspecting properties that have sold within the last 3 months. Income & Expense questionnaires were mailed this week (later than reported on the June 9th update).
JULY 24: A Providence Business News article about the current real estate market - LINK
JULY 11: A field appraiser from Vision will begin inspecting properties that have sold within the last 12 months.
JUNE 9: Income & Expense questionnaires will be mailed to commercial, industrial, and rental properties in the month of July. It is important to fill out these forms and return to us to ensure a proper valuation on these properties.
MAY 22: A field data collector is visiting several properties to correct/update/verify data on those properties. His name and vehicle information has been provided to the Tiverton Police Department.
APRIL 19: Field personnel from Vision Government Solutions will begin some of their in-field data collection the week of April 24th. The properties being visited are those that need data corrections and is very limited in scope.
MARCH: The contract to conduct the 2017 Statistical Revaluation has been signed with Vision Government Solutions. It is anticipated that sales verification field work will begin in Spring. This revaluation calls for very limited field work and there will be no DOOR TO DOOR data collection. Only those homes that have sold during 2016 and 2017 will be inspected for data/sales verification.
HOW OFTEN DOES THE TOWN CONDUCT A PROPERTY REVALUATION?
The State of Rhode Island mandates that every municipality conduct a property revaluation once every three years. A FULL Revaluation that includes a physical inspection of every property takes place once every 9 years, with a STATISTICAL UPDATE conducted in the 3rd and 6th year following a FULL Revaluation. Statistical Updates do not include a physical inspection of every property, only those that have sold in the year of the revaluation.
HOW YOUR PROPERTY IS APPRAISED:
The assessor's office first reviews all the property to be assessed, then values it. Accurate appraisals require constant searching and digging for significant facts to accumulate and analyze in order to estimate the fair market value of your property.
WHAT IS MARKET VALUE?
Finding the market value of your property involves discovering the price most people would pay for it in its present condition. It's not quite that simple, however, because the assessor has to find what this value would be for every property, no matter how big or small. But the assessor's job doesn't stop there. Every 3 years it has to be done all over again, because the market value of almost everything changes from one year to the next-as we all know.
WHAT METHODOLOGY IS USED TO VALUE PROPERTY?
To find the value of any piece of property the assessor must first know what properties similar to it are selling for, what it would cost to replace it, how much it takes to operate and keep it in repair, what rent it may earn, and many other dollar facts affecting its value, such as the current rate of interest charged for borrowing the money to buy or build properties like yours.
Using these facts, the assessor can then go about finding the property value in three different ways.
- Sales comparison approach
The first method compares your property to others that have sold recently. These prices, however, must be analyzed very carefully to get the true picture. One property may have sold for more than it was really worth because the buyer was in a hurry and would pay any price. Another may have sold for less money than it was actually worth because the owner needed cash right away. The property was sold to the first person that made an offer.
When using the sales comparison approach, the assessor must always consider such over-pricing or under-pricing and analyze many sales to arrive at a fair valuation for your property. Size, quality, condition, location, and time of sale are also important factors to consider.
- Cost Approach
A second way to value your property is based on how much money it would take, at current material and labor costs, to replace your property with one similar. If your property is not new, the assessor must also estimate how much a lot like yours would be worth if vacant.
- Income Approach
The third way is to evaluate how much income your property would produce if it were rented as an apartment house, a store, or a factory. The assessor must consider operating expenses, taxes, insurance, maintenance costs, and the return most people would expect on your kind of property.
WHY ASSESSED VALUES MAY CHANGE FROM YEAR TO YEAR?
When market value changes, naturally so does assessed value. For instance, if you were to add a garage to your home, the assessed value would increase. However, if your property becomes poorly maintained, the assessed value would decrease.
WHAT CREATES VALUE?
The assessor has not created the value. PEOPLE MAKE VALUE by their transactions in the marketplace. The assessor simply has the legal responsibility to study those transactions and appraise your property accordingly.
WHAT ARE YOUR RIGHTS AND RESPONSIBILITIES?
If your opinion of the value of your property differs from the assessor's, by all means go to the office and discuss the matter. The Assessor will be glad to answer your questions about the appraisal and explain how to appeal if you cannot come to an agreement. The assessor's office relies on the property owner for information. You can help by providing accurate information.
Here is a video that explains the relationship between house values, taxes assessed, and the town's budget requirements. Please note that this video is from New York and the revaluation schedule mentioned is different from Rhode Island.