What is a Statistical Update?

 A Statistical update is a thorough analysis of all real estate in a city or town so as to determine the fair market value of all properties.

Rhode Island General Law 44-5-11 that statistical updates be performed every three (3) years with a full physical revaluation every nine (9) years.

    
Taxes provide funds for services,
such as schools, roads, etc.

 Why conduct a statistical update?

Local property taxes have become a significant part of the expenses in owning property.  The major reason for the update is quite simple; property values used to be revalued every ten (10) years or longer.  With such a long period of time between revaluations people frequently experienced "Sticker Shock" when they received their new values.

Neighborhoods change and the economic climates change, meaning that some properties have become over assessed or under assessed when compared with similar properties.  If property values are correct and fair then each taxpayer will only be taxed their fair share.

 What is fair market value?

Fair Market Value is a legal standard defined by the courts as the price established between a willing buyer and a willing seller, taking into consideration the uses to which the property is adapted.

Have I done any improvements? 
Is my value in line with recent sales prices?

 Keep in mind what"s important:

Recent comparable sales, condition, neighborhood, building area, lot size and location are the most critical factors in the valuation process.

 Who determines the value of my property?

People do.  You, the person who sold it to you, and the person who is willing to buy it from you.  The true test is what your property is worth now in today"s Real Estate Market.

 What if I disagree with the assessment value
  of my property?

When questioning the assessment value, ask yourself three questions:

1. Is my data correct? (House dimensions, baths, lot size etc)

2.  Is my value in line with others on the street?

3.   Is my value in line with recent sale prices in my neighborhood or comparable areas?

 What can I do if I think my value is wrong?

If you still disagree after reviewing the data, the Assessor will assist you with an appeal through the Tax Assessment Board of Review.  Applications to the Board of Review are available at the Assessor"s Office.

If you still disagree after the Assessment Board of Review Hearing, you may file an appeal to Superior Court as provided by State Law.

 Should I pay my taxes if I choose to appeal?

 Yes.  You should pay your taxes for two (2) major reasons:

1. To avoid interest being added and avoid any court costs including attorney"s fees, if your non-payment is referred for collection.

2. So you will not lose your right of appeal for nonpayment as required by law.

 What about exemptions?

Any person who is presently receiving a reduction in taxes through any exemption program will continue receiving the tax credit so long as you still meet the eligibility requirements.

 Where can I get more information?

The Assessors" Office has a number of resources for your use.

1.  The Assessment Handbook , Plat Maps and Tax Rolls are all available online at http://middletownri.com/tax_assessment.htm, just follow the link labeled "TAXATION".

2.   The Assessment Handbook, Plat Maps and Tax Rolls are also available in print form at the Assessors" Office.

3. Information about property in Middletown is available online at www.visionappraisal.com , follow the "ONLINE DATABASE ACCESS" links to Middletown.

4.  Property information is also available by computer in the Assessors" Office.

5. Middletown Assessors" Office
350 East Main Rd
Middletown, RI 02842
401-847-7300

Public computer access is available at both the Library and the Senior Center.