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-40-00-2.7 - Analysis of Property Assessments

A. There are two basic ways to evaluate and/or analyze existing assessments: first, by looking at the assessment level and second, by looking at the uniformity of the assessments. Assessment level or sales ratio analysis refers to the degree to which the overall ratio of assessed value to market value approximates the full value of the property class being analyzed. Market value is basically that amount a property will sell for given a willing buyer and a willing seller both acting in their own self-interest; the property being on the market for a reasonable time; and neither party acting under duress.

B. Assessment uniformity is the degree to which properties within a class, i.e., single family homes are assessed at equal percentages of market value. By performing an assessment/sales ratio study, the assessors can measure the level and uniformity of their assessments. Assessors should refer to IAAO standards when performing this study