In the coming week, property owners in Newport can expect to find a Notice of Reassessment arriving in their mailboxes as part of the City’s comprehensive statistical revaluation initiative.
Collaboratively prepared with the expertise of the City’s consultants, Tyler Technologies, each notice will unveil the property’s freshly calculated Assessed Value. Additionally, property owners will find guidelines on how to initiate an appeal against the newly assigned valuation.
This valuation update aligns with the State’s mandatory protocol, compelling municipalities to conduct property revaluations every three years. The objective is to establish the most precise and fair tax rates achievable. Newport’s 2023 update adopts a statistical revaluation methodology, drawing insights from sales data of the preceding year.
Under Rhode Island General Law, the tax levy cannot surge beyond 4 percent annually. Given that the City’s budget deliberations are still months away, property owners are advised against relying on the existing tax rate to project future bills. Anticipations suggest an adjustment downward for both the current Residential and Commercial property tax rates, mirroring the appreciation in property values over the past three years.
The revaluation process aims to mirror the market value of each property as of December 31, 2023. The final assessments will factor in general market appreciation and any enhancements made to individual properties since the City’s last revaluation.
For property owners seeking clarification on their assessments, it is recommended to arrange an informal hearing with Tyler Technology. This can be done by visiting www.CityofNewport.com/Reval or calling toll-free at 1 (833) 703-4016 between 8 a.m. and 4:30 p.m., Monday through Friday.
These hearings will be conducted over the phone. Should a property owner disagree with the valuation, formal appeals may be filed starting from August 5th, 2024, with the City’s Tax Assessor’s Office.
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