Newport property owners will begin receiving a Notice of Reassessment in the mail next week as part of the City’s ongoing statistical revaluation process.
The notice, which was prepared in concert with the City’s consultants, Tyler Technologies, will include each property’s new Assessed Value along with instructions about how to appeal the new valuation.
The new values are part of a State-mandated process that requires communities across the State to perform property revaluations every three years to set the most accurate and equitable tax rate possible. Newport’s 2023 update is a statistical revaluation that relies on sales data from the previous year.
Rhode Island General Law states that the tax levy cannot increase more than 4 percent from year to year, and because the City’s budget process is still several months away, property owners should not use the existing tax rate to estimate their future bills. Rather, it’s expected that both the City’s current Residential and Commercial property tax rates will be adjusted downward to reflect the appreciation in property values over the last three years.
The revaluation process is meant to reflect each property’s market value as of Dec. 31, 2023, with final assessments considering general market appreciation and any improvements made to individual properties since the City’s last revaluation.
Property owners with questions about their assessment are encouraged to set up an informal hearing with Tyler Technology to see how they arrived at your value by visiting www.CityofNewport.com/Reval, or by calling toll-free, 1 (833) 703-4016 (8 a.m. – 4:30 p.m., Monday – Friday).
Hearings will be held via phone, and should a property owner disagree with the valuation, a formal appeal may be filed beginning on August 5th, 2024, with the City’s Tax Assessor’s Office.
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