Your buyer clients close on a home.  Several months later, they contact you because they receive a notice stating that the assessed value of their property and their property tax bill have increased dramatically even though the assessment values of other homes in the neighborhood remain unchanged.

The Rhode Island Association of REALTORS® filed legislation to prohibit municipalities from conducting spot assessments like this that single out properties that have recently sold.  The legislation became a law without the Governor’s signature on July 10, 2021 and will go into effect six months later.

Starting in early January, 2022, municipalities may only change the assessment of a home after transfer if the assessment is made as part of a regularly scheduled revaluation or update or the home is new construction.  Public Law Chapter 216  5410  SUB A

For more information, please contact the RIAR Legal Department at 401-432-6945 or email [email protected].