Appraisers Begin New Revaluation Process

Published on June 14, 2010

BRISTOL — A private company hired by the Town of Bristol began moving through town this week to update the assessed values of properties for tax purposes. Appraisal Resource of Warwick is conducting a statistical revaluation for the town, with initial efforts focused on every property that changed hands since Jan. 1, 2008.

This type of revaluation is different from a full revaluation, which was conducted three years ago. In a full revaluation, inspectors visit every property in town. In a statistical revaluation, they visit only properties that were bought and sold — about 450 in the past two and a half years — as well as properties with open (current) building permits.

Based on those inspections, the recent sale prices and any improvements made to the property, the appraisers will assign new values for all those properties. They then use that batch of data to adjust property values throughout town.

“We really want to make sure people understand what’s going on,” Bristol Tax Assessor Evelyn Spagnolo said this week. She encourages anyone with questions to call her office (253-7000) or Appraisal Resource (888/737-3770).

Advertisement
Revaluations like this are mandatory for every Rhode Island city or town, to be completed every three years. A full revaluation must be completed every 10 years.

Appraisal Resource agents will identify themselves with an official badge signed by town officials, and they will typically conduct inspections in less than 10 minutes, said the project supervisor, Bob Battey.

The entire revaluation process will take months and new assessments are not expected to be mailed to property owners until next February. After they are released, property owners will have a chance to appeal them before they become official. Both Ms. Spagnolo and Mr. Battey said property values have generally fallen in the past three years — but that trend does not apply universally, as some neighborhoods are impacted more or less than others.

Appraisal Resource was one of three companies to bid for this project and won the business with a low bid of $128,000. The State of Rhode Island is expected to reimburse the town 80 percent of the cost.