§ 16-7-21 - Determination and adjustment of equalized weighted assessed valuation.
SECTION 16-7-21
§ 16-7-21 Determination and adjustment ofequalized weighted assessed valuation. – On or before August 1 of each year the division of property valuation withinthe department of revenue shall determine and certify to the commissioner ofelementary and secondary education the equalized weighted assessed valuationfor each city and town in the following manner:
(1) The total assessed valuations of real and tangiblepersonal property for each city and town as of December 31 of the thirdpreceding calendar year shall be weighted by bringing the valuation to the trueand market value of real and tangible personal property. The total assessedvaluations of real and tangible personal property for all cities and townsshall be applied to the true and market valuations of the property for allcities and towns and the resulting percentage shall determine the averagethroughout the state. This percentage applied to the sum of the total true andmarket value of real and tangible personal property of each city and town shallbe the equalized weighted assessed valuation of each city and town.
(2) The equalized weighted assessed valuation for each cityand town shall be allocated to the particular city or town, and in the case ofa regional school district which does not service all grades, except theChariho regional high school district, the commissioner of elementary andsecondary education shall apportion that proportion of the equalized weightedassessed valuation of the member cities or towns which the average dailymembership serviced by the regional school district bears to the total averagedaily membership, and the equalized weighted assessed valuation of the membercities and towns shall be appropriately reduced.
(3) The equalized weighted assessed valuation for eachcommunity as allocated or apportioned in accordance with subdivision (2) ofthis section shall be adjusted by the ratio which the median family income of acity or town bears to the statewide median family income as reported in thelatest available federal census data. The total state adjusted equalizedweighted assessed valuation shall be the same as the total state equalizedweighted assessed valuation.