BURRILLVILLE â€” The town is getting ready to begin a revaluation of all properties within the community.
The state-mandated 2012 revaluation project kicks off within the next few weeks when inspectors from Certified Revaluation Company, Inc. (CRC) â€” which the Town Council has contracted with â€” fan out throughout the town with property record cards and aerial maps. The inspectors will visit every type of property, from residential to commercial to industrial.
The reason for the revaluation project is to determine the market value of all taxable property within the town as of Dec. 31, 2012. The last statistical (limited) revaluation in town was conducted in 2009.
The State of Rhode Island mandates that cities and towns revalue all property every three years. The town hired Appraisal Resource Revaluation Group last month to assist with the project.
A revaluation is an analysis of recent selling prices, as well as property inspections, conducted to identify and quantify the features that have motivated buyers and sellers in the real estate market. The analysis results in the creation of tables and schedules that are used to systematically value all properties.
The results are statistically tested to verify their ability to predict estimates of current fair market value, accurately and uniformly.
Since all assessed valuations are based on sales as of a certain date, later changes in the market will gradually make assessments out of step with the real estate marketplace.
The rise and fall of real estate values make certain properties more valuable or less valuable, in relation to each other. When assessments are brought back into line with the market, the result is a fair distribution of the tax burden.
State law stipulates that all communities are mandated to bring property values in line with full and fair market values at least once every three years.
The 2012-2013 revaluation in Burrillville is a complete revaluation that will include the listing and valuation of business tangible property in addition to all real estate within the town.
Notices are being sent to property owners and will outline options for inspecting their property. Interior inspections are an important part of the process and are necessary in order to arrive at accurate property valuations. Therefore, property owners are encouraged to fully participate in this process.
The actions of buyers and sellers in the local market place form the basis for determining the property values. Qualified sales will be analyzed by the company to generate a current estimate of value for each property within the town.
Notices of proposed valuations will be sent to property owners in the spring of 2013. At the completion of the project, property owners will be given an opportunity to discuss the proposed valuations with a company representative. Property owners will also be able to submit any information or documentation they feel is relevant to their assessment. Company representatives will review this information and make adjustments to the assessments when warranted.
Property owners with any questions about this process can call the Assessor's office at (401) 568-4300.