Rhode Island Tax Approach

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RHODE ISLAND STATE
GRACE N. NGUMO
KENYATTA UNIVERSITY

Rhode Island tax rates differ vastly by locality for both residential and commercial property with its average rate being among the greatest overall. Our Property Taxes (2008) provides that tax assessors in Rhode Island are elected and their term runs for four (4) years. Rhode Island State addresses real property tax as Property Tax and their official policy is that “a locally determined uniform percentage of full and fair cash value not defined by statute”. The type of tax and its value is estimated and determined at the municipality level and the assessor may use one of the following three methods:
Cost Approach- this comprises estimating the cost of replacing the property with one similar to it, when there are no sales of similar properties.
Income Approach-the income approach is done by estimating income production by the property …show more content…
According to the Tax Assessment Website, “Property Taxes in Rhode Island (n.d)”, in 2016 and beyond, businesses now face better taxes due to recently passed legislation that includes considerable incentives for business including scraping off the sales tax on energy and providing tax credits for real estate development among others.

Bibliography
Assessment Technology Limited. (2017, April 22). Property Taxes in Rhode Island. Retrieved from Assessment Technologies: https://atechltd.com/service-locations/rhode-island-property-taxes/
Our Property Taxes. (2017, April 22). Our Property Taxes Forum. Retrieved from Our Property Taxes: http://www.tax.ri.gov/
Searches, O. (2017, April 22). Rhode Island Assessor and Property Tax Records Directory. Retrieved from Free Public Records Directory:

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