As anticipated, preliminary property assessments are up in #MiddletownRI, per Tax Assessor George Durgin. Still, Durgin said that doesn't mean taxes are on the rise. Read the story below for more.
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PRELIMINARY PROPERTY ASSESSMENTS UP IN MIDDLETOWN
MIDDLETOWN, R.I. (FEBRUARY 5, 2024) – The preliminary findings are in for Revaluation 2024 — and property assessments have increased as expected.
Based on early returns, total anticipated assessments on all residential properties in Middletown were projected to increase close to 43 percent compared to around 50 percent for nonresident properties and about 45 percent for commercial properties.
When it comes to property values, Tax Assessor George Durgin said the findings of the recent revaluation were reflective of what he and others were seeing across the region — and the country.
“There are a number of factors that go into our revaluation process, but what we’re seeing here in Middletown is definitely what’s happening in other places, especially waterfront communities,” Durgin said. “Everything that’s happening here with our revaluation was anticipated and expected.”
Importantly, Durgin noted just because the total value of properties was on the rise in Middletown, that didn’t mean taxes would follow suit. Far from it, actually.
“As most people know, the assessments are one part of the formula that’s used to determine taxes,” Durgin said. “When everything is calculated and a new tax rate is set, things balance out. You can’t take our current Fiscal 2024 tax rate and use it to determine what your new tax bill will be. It doesn’t work that way. Everything will be based off the adopted budget, which should be set around late May.”
Formal revaluation notices are expected to be mailed later this month or in March, with an informal appeals period launching shortly afterwards. For more information, visit https://mdl.town/Reval online.
Under state law, town-wide revaluations must take place every three years. The idea is the tax burden be shared as equitably as possible across all owners using the latest property values as a baseline.
The law mandates that a full revaluation be carried out once every nine years. Statistical updates are done in the third and sixth year after a full revaluation.
The last full revaluation in Middletown was completed in Dec. 31, 2017. The current revaluation is the second statistical update. The next full revaluation will be as of Dec. 31, 2026 for the 2027 tax year.
Town staff and consultants with Vision Appraisal have assigned new assessment values of properties across town as part of Revaluation 2024, work that wrapped up late last year.
In the next several weeks, notices will be mailed to property owners with information about the new proposed assessment values. From there, property owners have a chance to schedule informal appeals of their assessments in March and April if they do not agree with the findings.
The Town Council is expected to okay an overall budget for Fiscal 2025 in late May. The tax roll will be certified and the tax rates set soon after. Quarterly tax bills are planned a short time later in July.
Those who still disagree with their assessment after going through the informal appeal process continue to have recourse.
As part of the formal appeal process, objections can be submitted to Durgin between Sept. 10-Dec. 10, 2024.
If a taxpayer isn’t satisfied with Durgin’s findings from this process, they can submit a challenge to the Middletown Board of Assessment Review. If that doesn’t meet the taxpayer’s satisfaction, an appeal can be filed with Rhode Island Superior Court.
Although he continues to analyze the preliminary data daily, Durgin said there were a few noteworthy takeaways from the Revaluation 2024 numbers so far.
One was that the residential figures mirror what’s occurring around Rhode Island and the United States, something he said could be conformed almost daily with a simple glance at the Wall Street Journal and other industry periodicals.
Another was that despite downturns in other places, commercial assessments were continuing to hold strong in Middletown.
“If you look at the number of commercial vacancies we have in Middletown, there aren’t many and there’s usually a contributing factor for those that are,” Durgin said. “At the same time, whenever something goes on the market here, whether it’s residential, retail or otherwise, it’s usually getting snapped up pretty quickly.”
Durgin expressed thanks to his staff and other town staff along with Vision Appraisal for their hard work and efforts to make sure everything is fairly and accurately applied as much as possible.
“A lot of work goes into this process, more work than anyone realizes and I personally appreciate everyone’s efforts here,” Durgin said. “The snapshot is that based on our preliminary numbers, our values are strong and demand is strong here in Middletown, a message that really shouldn’t surprise anyone.”
Document Link: https://www.middletownri.com/DocumentCenter/View/11042/NYCU-Revaluation-2024-Update-Story