The Town of Bristol will send out new property assessments at the end of March, as the result of the 2018 Full Revaluation project that the Town has conducted over the last year. The state of RI 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.
The Town hired Northeast Revaluation Group from Warwick, RI to perform the work. The firm spent most of 2018 inspecting all improved properties as well as analyzing property sales from 2017-2018. As a result of the market study, property values have increased by approximately 18% for Residential Properties, 20% for Multi-family homes, and 10% for Commercial properties. This followed the trend in RI of increases in the local Real Estate market over the last several years. There will be a presentation by Northeast Revaluation Group at The Town Council meeting on Wednesday, March 27, 2019, at 7:00 pm.
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. Property owners will have several weeks to schedule an appointment either by phone or online, and the informal hearing process will run approximately three weeks. The notice will have contact information for the contractor, Northeast Revaluation Group. If you wish to discuss your new valuation, please contact them directly in accordance with the information provided on the notice.