Property Valuation
A Rhode Island assessor values property for property tax purposes. Assessed value in Rhode Island is typically:
AAlways equal to fair market value
BA percentage of fair market value as determined by the municipality✓ Correct
CSet by the Rhode Island DBR annually
DBased solely on the property's income potential
Explanation
In Rhode Island, assessed value for property tax purposes is set by the local municipality's tax assessor. It is typically a percentage of fair market value, and the specific assessment ratio varies by municipality.
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