§ 44-5-12 - Assessment at full and fair cash value.
SECTION 44-5-12
§ 44-5-12 Assessment at full and fair cashvalue. – (a) All real property subject to taxation shall be assessed at its full andfair cash value, or at a uniform percentage of its value, not to exceed onehundred percent (100%), to be determined by the assessors in each town or city;provided, that:
(1) Any residential property encumbered by a covenantrecorded in the land records in favor of a governmental unit or Rhode Islandhousing and mortgage finance corporation restricting either or both the rentsthat may be charged or the incomes of the occupants shall be assessed and taxedin accordance with § 44-5-13.11;
(2) In assessing real estate which is classified as farmland, forest, or open space land in accordance with chapter 27 of this titlethe assessors shall consider no factors in determining the full and fair cashvalue of the real estate other than those which relate to that use withoutregard to neighborhood land use of a more intensive nature;
(3) Warwick. The city council of the city of Warwickis authorized to provide, by ordinance, that the owner of any dwelling of oneto three (3) family units in the city of Warwick who makes any improvements oradditions on his or her principal place of residence in the amount up tofifteen thousand dollars ($15,000), as may be determined by the tax assessor ofthe city of Warwick, is exempt from reassessment of property taxes on theimprovement or addition until the next general citywide reevaluation ofproperty values by the tax assessor. For the purposes of this section,"residence" is defined as voting address. This exemption does not apply to anycommercial structure. The property owner shall supply all necessary plans tothe building official for the improvements or addition and shall pay allrequisite building and other permitting fees as now are required by law; and
(4) Central Falls. The city council of the city ofCentral Falls is authorized to provide, by ordinance, that the owner of anydwelling of one to eight (8) units who makes any improvements or additions tohis or her residential or rental property in an amount not to exceed twentythousand dollars ($20,000) as determined by the tax assessor of the city ofCentral Falls is exempt from reassessment of property taxes on the improvementor addition until the next general citywide reevaluation of property values bythe tax assessor. The property owner shall supply all necessary plans to thebuilding official for the improvements or additions and shall pay all requisitebuilding and other permitting fees as are now required by law.
(5) Tangible property shall be assessed according to theasset classification table as defined in § 44-5-12.1.
(b) Municipalities shall make available to every land ownerwhose property is taxed under the provisions of this section a document whichmay be signed before a notary public containing language to the effect thatthey 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 openspace land for another purpose.
(c) Pursuant to the provisions of § 44-3-29.1, allwholesale and retail inventory subject to taxation is assessed at its full andfair cash value, or at a uniform percentage of its value, not to exceed onehundred percent (100%), for fiscal year 1999, by the assessors in each town andcity. Once the fiscal year 1999 value of the inventory has been assessed, thisvalue 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.