Revaluations

The Town of Tiverton is mandated by the State of Rhode Island to conduct property revaluations every 3 years. The next revaluation is a statistical update with an effective date of 12/31/2023. Property owners will be notified of their new preliminary assessment in early 2024. Owners will be afforded the opportunity to discuss their new value with appraisers from Northeast Revaluation at that time. Please visit this page in late summer (2023)for updated information.

Click on the image below to learn more about the revaluation process.

MAY 16, 2023 UPDATE

A field data collector will begin work reviewing 2022 sales throughout town, and data collection in Countryview Estates.

JUNE 5, 2023 UPDATE

A field data collector from Northeast/Patriot Revaluation Group continues to review properties that sold during 2022 . The Tax Assessor is driving neighborhoods in the north part of town reviewing all properties for general data updates.

JUNE 23, 2023 UPDATE

A field data collector from Northeast/Patriot Revaluation Group continues to review properties that sold during 2022 . The Tax Assessor is driving neighborhoods along the Brayton Road area. He will be along Lake Road and East Road in the coming weeks. The Tax Assessor will be updating the Town Council on the progress of the revaluation at the August 15th meeting.

JULY 5, 2023 UPDATE

Tax Assessor David Robert continues his preliminary field reviews in the Country View, Hurst Lane areas. He will continue south along Stafford Road during the first 2 weeks of July.

JULY 16, 2023 UPDATE

Tax Assessor David Robert continues his preliminary field reviews along the Crandall and East Road areas the weeks of 7/17 and 7/24. A field reviewer from Northeast Revaluation will begin a town-wide review of 2023 sales. Commercial properties will be receiving an Income & Expense survey asking for rental and expense data to assist in the proper valuation of incoming producing properties. PLEASE NOTE, the income data is strictly for the RENTAL income and expenses of your property, not the business located there. If you have commercial space that is rented such as storage, office, industrial use, that is the income being requested as it directly impacts the value of commercial real estate.

JULY 31, 2023 UPDATE

Tax Assessor David Robert has begun review in North Tiverton near Hilton and Judson Streets. He'll be also in the Bay Street area and then near Sakonnet Bay Manor (Brookdale). The data collector from Northeast Revaluation will continue reviewing properties that sold in 2023, and those properties that have been issued a building permit.

AUGUST 13, 2023 UPDATE

Preliminary reviews will continue in the Nanaquaket Pond area this coming week, then along Seapowet and Fogland Beach areas.

SEPTEMBER 2, 2023 UPDATE

Preliminary reviews will continue in the Fogland Beach area this coming week, then around Town Hall and Riverside Drive areas.

JANUARY 30, 2024 UPDATE

2023 Sale Verifications continue by Northeast Revaluation. If a property sold during 2023, a staff member may stop by that property to ensure all the data is correct. The Tax Assessor is reviewing updated assessments prior to notices being sent to property owners. This iwll continue until mid March.

FEBRUARY 14, 2024 UPDATE

The Tax Assessor continues to review preliminary values out in neighborhoods. Residents will recieve their notice of new assessed values around the second week of April.

The 2023 Property Revaluation is being finalized and property owner's new assessments will be mailed on April 17th. The Town is mandated by State law to conduct property revaluations every 3 years. The new values have an effective date of 12/31/2023. The values represent the estimated fair market value of your home on that date which takes into consideration the market conditions that has taken place since the last revaluation. Over the past 3 years, market values of homes continued to rise at a high rate due to sales activity in a high demand, low inventory market. If anyone has a question about their new assessment, they are to contact Northeast Revaluation Company at the number listed on the notice recieved.

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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 (or the revaluation compnay). It is the SELLERS AND BUYERS that establish market value of property by the recorded sale price of transactions. The assessor simply has the legal responsibility to study those transactions and assess/value 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 your assessment 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 and by reviewing your property assessment data HERE.

HOW TO APPEAL YOUR ASSESSMENT.

If you believe that the valuation stated on your annual real estate and tangible property tax bill is incorrect, you may appeal the valuation of your property within ninety (90) days from the date the first tax payment is due by filing an appeal with the Tax Assessor. Appeal forms are available in the Tax Assessor's office. You may appeal the decision of the Tax Assessor within thirty (30) days of receiving the decision, or if the Tax Assessor does not render a decision within forty-five (45) days of the filing of the appeal, not more than ninety (90) days after the expiration of the forty-five (45) day period, to the Tiverton Tax Review Board and present your evidence at a hearing pursuant to applicable Rhode Island General Laws. The Tax Appeal process is outline HERE.

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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. New York is reassessed every 4 years, Rhode Island is every 3.