Be Sure to Look Over Your Property Tax Assessment
Every year on December 31, tax assessors do a mass appraisal where they put the information on all the properties in their area into a computer system that generates an assessed value for each one. Typically, this system doesn’t account for any updates the owners have done to the property, so the assessed value isn’t accurate.
There’s often a huge misunderstanding about who performs these assessments—many think that they must be appraisers, but they’re not. Cities and towns often only hire one appraiser. The people who are visiting your home are data collectors; they collect the information and then plug it into the system that generates your assessed value.
"Typically, this system doesn’t account for any updates the owners have done to the property, so the assessed value isn’t accurate."
Every 10 years in Rhode Island, they’re required to go inside your property to look at the condition and any updates to make sure their information is correct.
If you have an issue with your assessed value, you can dispute it by contacting your tax assessor’s office to make an appointment with them. When you receive your assessed value letter, make sure to pay attention to the timeframe in which you have to dispute it.
You can also reach out to us for assistance; we can pull comparable sales in your area to help you calculate a more accurate estimate of your home’s value. Feel free to give us a call so we can address any questions or concerns you have.