This letter is being sent to all property owners within the City to alert you to the start of the 2024 Full City-wide Revaluation Project. Please review the following information regarding property Revaluations, and do not hesitate to contact the Tax Assessor's office should you have any questions at (401) 435-7574.
Why is a Revaluation being performed in the City of East Providence?
Cities and towns are mandated by the Rhode Island Legislature (General Law 44-5-11.6) to conduct a city-wide full property revaluation every nine (9) years and a statistical update of real property every three (3) and six (6) years, in between the full revaluation. The last city-wide full revaluation was conducted in 2015 and the last statistical update of values was performed in 2022. Since then, the Assessor's office has kept the tax list current by assessing new buildings and alterations to existing structures. To comply with Rhode Island Legislature (General Law 44-5-11.6) and ensure assessments remain equitable for all property owners, a fair market value of all properties must be conducted. The City has contracted with Catalis Tax & CAMA Inc., formerly Northeast Revaluation Group, to complete the Revaluation Program. These new assessed values will be used to calculate the 2025 real property tax bills.
What exactly is a Revaluation?
A Revaluation is estimating new values on real estate based on specific rules and current market data. A careful analysis of recent selling prices is conducted to identify and quantify features that have motivated buyers and sellers in the real estate market. This analysis creates tables, schedules, and other inputs that are used to value all of the properties in a City or Town. These tables and schedules are then statistically tested to verify their ability to predict estimates of current fair market values accurately and uniformly. The commercial valuation process utilizes a cost approach and income approach to estimate value. Income and expense information will be requested from commercial property owners. This information is exempt from the freedom of information act and will not be made available to the public.
What is "Fair Market Value"?
The American Institute of Real Estate Appraisers defines fair market value as "the most probable price for which a property will sell in a competitive market with buyer and seller each acting prudently, knowledgeably and for self-interest and assuming that neither is under undue duress." Sales such as foreclosure and family sales are not considered to be "arm's length" or fair market transactions.
How will the property be inspected?
Representatives of Catalis will examine and measure the exterior of each property, including capturing an updated photo. They will record fundamental data such as the size, design, condition, and quality of structures. They will also request an interior inspection to determine the accuracy of interior information such as bedroom and bathroom counts, finished basement areas, and flooring type. The arrival of a field representative, or data collector, may not be at a time convenient for the property owner. Still, we ask that you cooperate so that accurate data will be available to establish a fair assessment. If you are not home at the time of the visit they will collect as much data from the exterior as possible and leave a sticky providing contact information to schedule an interior inspection at your convenience. It is important to remember that the purpose of this phase of the project is for data collection only. Values are not being set at the time the inspection is conducted.
How will I know an individual is an authorized field representative?
Company representatives will carry identification badges complete with photographs. In addition, a description of all vehicles (including license plate numbers) used during the program will be registered with both the Assessor's Office and the East Providence Police Department.
Will the Revaluation raise everyone's taxes? How will the Revaluation affect the tax rate?
Revaluation does not, in itself, increase taxes. It simply provides a basis for the fair distribution of the tax burden among all property owners. Taxes are calculated based on the amount needed for the City Government to meet the needs of its proper operation. The Assessor's Office is responsible for assessing each property fairly and impartially as the law provides. It is important to keep in mind a new tax rate is set once the Revaluation and budget process are completed.
What can I do if I feel that my new appraisal figure is incorrect?
Preliminary values will be sent in the mail in early Spring of 2025. At that time, you will have the opportunity to schedule an informal hearing with the Revaluation firm on an individual basis. You will have an opportunity to review the new assessment at this hearing. You may bring any documents or evidence that support your concerns. This includes items such as recent real estate appraisals, any documents regarding easements or wetlands, and photographs or records that relate to structural or other problems. All information provided is reviewed for its impact on the property valuation (Please bring copies, we cannot return originals).
Suppose I still disagree?
You will still have the traditional remedies available to any taxpayer. This includes filing an appeal with the Tax Assessor. Per RI General Law, 44-5-26, you have 90 days to appeal from the first quarter due date of July 1, 2025
Respectfully,
Sarah Frew
East Providence Tax Assessor
