New property assessments are out, the result of the 2018 full revaluation project that the Town conducted over the last year with the help of Northeast Revaluation Group, of Warwick. The firm spent most of 2018 inspecting all improved properties as well as analyzing property sales from 2017-2018.

Whether your value went up a little or a lot, that it went up is almost certain. The average increase for residential properties is about 18 percent, following the statewide trend of increases in the local real estate market over the last several years. According to Rich Nagle, president of Northeast Revaluation, of the five communities they studied this last year, Bristol came in third, as reflected in the percentage change in value. The highest was West Warwick, with single-family homes increasing 28 percent, and lowest, at 12 percent, was Scituate.

Mr. Nagle also noted that Bristol residents allowed entry for inspection at an average rate of about 50 percent, and has, thus far, shown an average rate of requests for hearings at about 3 to 4 percent.

The State of Rhode Island mandates an update to the valuation every three years, and full property inspections every nine years. The last “full” revaluation occurred in 2008. The town received a one year extension of the full revaluation from the state legislature, which moved the revaluation from 2017 to 2018.

Doug Gablinske, principal of Appraise RI, has high praise for the job that Northeast has done for the town. Other than the occasional individual property, he’s not seeing any “hot spots,” or evidence of an uneven application of standards. He was particularly pleased to see that assessments are generally running near or under sales prices among properties that have sold within the past year. Real estate prices were down from about 2006 through 2015, initially due to the economic downturn then followed by the glut of foreclosed properties on the market. The last statistical revaluation was done at the beginning of a market upturn that continued to trend in that direction. So moving forward with these assessments, which will be good for the next three years, reflects numbers that should be close to, but lower than sales prices, almost across the board. “This is very smart,” said Mr. Gablinske. “The assessments will reflect fair market value, as they are meant to.”

It is important to note that a percentage increase in your property valuation does not translate directly to your tax bill. That number won’t be known for certain until after the Wednesday, May 1, special Town Council meeting at which councilors will take a final vote on the budget for the upcoming year, but the rate itself goes down when the values rise across town. As a result, some taxpayers will pay more, while others will pay less.

The current tax rate is $15.38 per $1,000 in value. The proposed rate is $13.86, a 9.9 percent decrease. That rate, however, will remain unconfirmed until the budget is finalized. It’s a process that includes a Monday, April 22, public hearing.

Included in the new assessment letter is information regarding a property owner’s option of appealing the new value with a representative from Northeast Revaluation. The deadline to contact Northeast Revaluation to schedule an appeal has been extended to April 26. If you wish to discuss your new valuation, contact them directly at 401/737-0300, or visit their website at www.nereval.com.

Any taxpayers with lingering concerns after that process will have additional avenues of appeal, if they wish to pursue them. “There are lots of systems in place to hear concerns,” said Town Council Chairman Nathan Calouro.

“I give them a lot of credit,” Mr. Gablinske said of Northeast Revaluation. “A mass appraisal isn’t easy. There’s a world of minutia, and it’s impossible to get it all right, which is why there’s a process of appeal. It’s all part of the process.”