Rhode Island Code of Regulations
Title 280 - Department of Revenue
Chapter 40 - Division of Municipal Finance
Subchapter 00 - N/A
Part 2 - Rules and Regulations for the Implementation of the Triennial Updates and Revaluations to Commence in the Year 2000 (280-RICR-40-00-2)
Section 280-RICR-40-00-2.12 - Commercial and Industrial Property

Universal Citation: 280 RI Code of Rules 40 00 2.12

Current through September 18, 2024

A. Commercial and Industrial property should be reviewed and analyzed very carefully. If possible at least 2 of the 3 approaches to value should be developed:

1. Cost - The application of a cost trending multiplier (from Marshall-Swift, etc.) may be considered for updating building and site values with proper allowances given for depreciation.

2. Income - All rent schedules, income and expense information and capitalization rates must reflect current market conditions. The necessary information (hopefully) can be obtained from a questionnaire or by interviews with taxpayers or third party sources.

3. Market - Recent Commercial and Industrial sales may be analyzed and units of value developed from comparable sales. Such unit values may then be applied to comparable non-sold properties. Sales from similar and/or surrounding communities with comparable property bases and market influences may be used for analysis purposes as well.

B. The assessor shall provide documentation to support the property update program. Such documentation should include sales ratio studies, cost and depreciation schedules, land valuation schedules, income and expense analysis (if available), field review documentation and other information necessary to provide for more accurate property values.

Disclaimer: These regulations may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

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