Price Check! Property Revaluation Begins in Newport

Workers for Northeast Revaluation will be knocking on doors and visiting properties after the City of Newport kicked off its state-mandated revaluation project last week.

The last revaluation was performed three years ago, pegging the total value of the city's properties at more than $5 billion, with $2.01 billion of that consisting of single-family homes.

City officials said Northeast Revaluation staff will start with properties that sold last year and this year as well as properties that have taken out building permits this year. They then will move to the rest of the city's property in a process that should take several months.

"The purpose of the revaluation is to update all real property values in the City, and is performed using sales and market data since the last revaluation," Tax Assessor John Hocking said in a release. 

The inspection process includes measuring the exterior of the property and updating physical characteristics.  In addition, if the property owner is available the data collector will ask for permission to view the interior of the property. The data collected from the inspections will be used later in the sales analysis phase of the project.  Although it is not required that homeowners allow the data collector in for an interior inspection, it is recommended so that assessments will be based on accurate information.

Northeast Revaluation employees will carry identification badges and their automobiles will be registered with the Police Department. New assessment notices will be mailed in February or March of 2015, and the new values will be applied to the 2015 Tax bills.

For any questions regarding the project, property owners may call Northeast Revaluation at 401-737-0300 or the City of Newport Assessing Department at 401-845-5365.