2012 -- H 7568

=======

LC01355

=======

STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

____________

A N A C T

RELATING TO TAXATION -- PROPERTY TAX AND DISCLOSURE -- MUNICIPAL

BUDGETS

     

     

     Introduced By: Representatives Marcello, O`Grady, Hearn, Ruggiero, and Nunes

     Date Introduced: February 15, 2012

     Referred To: House Municipal Government

It is enacted by the General Assembly as follows:

1-1

     SECTION 1. Section 44-35-6 of the General Laws in Chapter 44-35 entitled "Property

1-2

Tax and Fiscal Disclosure - Municipal Budgets" is hereby amended to read as follows:

1-3

     44-35-6. Publication of property tax rates. -- At least ten (10) calendar days prior to

1-4

the hearing for the purpose of adopting the town or city budget, the chief elected official in each

1-5

town or city shall cause to be published a notice indicating the town's or city's intent to consider

1-6

adopting a property tax levy for both residential and commercial property. This notice shall be

1-7

published in a newspaper of general circulation in the town or city and the official municipal web

1-8

site, if available. However, this notice may not be placed in that portion of the newspaper where

1-9

legal notices and classified advertisements appear. This notice shall constitute notice of public

1-10

hearing which may coincide with the hearing on the proposed budget and shall be by and in the

1-11

following form:

1-12

     (CITY, TOWN) of (NAME)

1-13

NOTICE OF PROPOSED PROPERTY TAX

1-14

RATE CHANGE

1-15

The (City, Town) proposes to increase (decrease) its property tax levy to ________ in the

1-16

________ budget year; the property tax levy this year is __________, THIS IS A

1-17

PROPOSED INCREASE (DECREASE) OF ______%.

1-18

It has been estimated that the proposed increase (decrease) in property tax revenues will

1-19

result in a property tax rate of $________ (proposed property tax rate) per $1,000 assessed

2-1

valuation, as compared to the current property tax rate of $______ per $1,000 assessed valuation.

2-2

The following calculation shall be for both residential and commercial property:

2-3

     A property tax rate of $ _____ (proposed property tax rate) per $1,000 assessed valuation applied

2-4

to a property with a value of $ _____ (median assessed value in City, Town) would result in a

2-5

property tax liability of $ _____ per year. The current property tax liability for a property valued

2-6

at $ _____ (median assessed value in City, Town) is $ _____.

2-7

     In addition, the city or town shall state the exemption amount for the motor vehicle tax.

2-8

     A property tax rate of $________ (adjusted current property tax rate) would be needed in

2-9

the coming budget year to raise five and one-half percent (5.5%) more, as an adjustment for

2-10

increased costs, than the property tax revenues being raised in the current budget year.

2-11

     The (City, Town) budget __________ will be considered at (date, time, place).

2-12

The above property tax estimates have been computed in a manner approved by the

2-13

Rhode Island Department of Revenue.

2-14

Chief Elected Official

2-15

(Town, or City)

2-16

     SECTION 2. This act shall take effect upon passage.

     

=======

LC01355

========

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION -- PROPERTY TAX AND DISCLOSURE -- MUNICIPAL

BUDGETS

***

3-1

     This act would require cities and towns to publish in a newspaper of general circulation

3-2

and on the official municipal website, if available, the proposed tax rate for both residential and

3-3

commercial property as applied to a property representing the median assessed value within the

3-4

city or town when there is a proposed increase or decrease to the property tax rate in that city or

3-5

town.

3-6

     This act would take effect upon passage.

     

=======

LC01355

=======

H7568