2009 Rhode Island Code
Title 44 - Taxation
CHAPTER 44-5 - Levy and Assessment of Local Taxes
§ 44-5-12 - Assessment at full and fair cash value.

SECTION 44-5-12

   § 44-5-12  Assessment at full and fair cash value. – (a) All real property subject to taxation shall be assessed at its full and fair cash value, or at a uniform percentage of its value, not to exceed one hundred percent (100%), to be determined by the assessors in each town or city; provided, that:

   (1) Any residential property encumbered by a covenant recorded in the land records in favor of a governmental unit or Rhode Island housing and mortgage finance corporation restricting either or both the rents that may be charged or the incomes of the occupants shall be assessed and taxed in accordance with § 44-5-13.11;

   (2) In assessing real estate which is classified as farm land, forest, or open space land in accordance with chapter 27 of this title the assessors shall consider no factors in determining the full and fair cash value of the real estate other than those which relate to that use without regard to neighborhood land use of a more intensive nature;

   (3) Warwick. The city council of the city of Warwick is authorized to provide, by ordinance, that the owner of any dwelling of one to three (3) family units in the city of Warwick who makes any improvements or additions on his or her principal place of residence in the amount up to fifteen thousand dollars ($15,000), as may be determined by the tax assessor of the city of Warwick, is exempt from reassessment of property taxes on the improvement or addition until the next general citywide reevaluation of property values by the tax assessor. For the purposes of this section, "residence" is defined as voting address. This exemption does not apply to any commercial structure. The property owner shall supply all necessary plans to the building official for the improvements or addition and shall pay all requisite building and other permitting fees as now are required by law; and

   (4) Central Falls. The city council of the city of Central Falls is authorized to provide, by ordinance, that the owner of any dwelling of one to eight (8) units who makes any improvements or additions to his or her residential or rental property in an amount not to exceed twenty thousand dollars ($20,000) as determined by the tax assessor of the city of Central Falls is exempt from reassessment of property taxes on the improvement or addition until the next general citywide reevaluation of property values by the tax assessor. The property owner shall supply all necessary plans to the building official for the improvements or additions and shall pay all requisite building and other permitting fees as are now required by law.

   (5) Tangible property shall be assessed according to the asset classification table as defined in § 44-5-12.1.

   (b) Municipalities shall make available to every land owner whose property is taxed under the provisions of this section a document which may be signed before a notary public containing language to the effect that they are aware of the additional taxes imposed by the provisions of § 44-5-39 in the event that they use land classified as farm, forest, or open space land for another purpose.

   (c) Pursuant to the provisions of § 44-3-29.1, all wholesale and retail inventory subject to taxation is assessed at its full and fair cash value, or at a uniform percentage of its value, not to exceed one hundred percent (100%), for fiscal year 1999, by the assessors in each town and city. Once the fiscal year 1999 value of the inventory has been assessed, this value shall not increase. The phase-out rate schedule established in § 44-3-29.1(d) applies to this fixed value in each year of the phase-out.