In Rhode Island, property taxes are assessed and collected at which level of government?
Correct Answer
C) Municipal (city or town) government
In Rhode Island, property taxes are a local tax levied and collected by individual cities and towns (municipalities). Each municipality has its own tax assessor who determines assessed values and its own tax rate (mill rate) set by the local governing body. This is consistent with Rhode Island General Laws § 44-5, which grants taxing authority to cities and towns.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Depreciation is an accounting method of allocating the cost of an asset over its useful life, allowing investors to deduct a portion of the asset's cost each year.
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
Homestead portability allows homeowners to transfer a portion of their accumulated homestead tax savings to a new homestead in the same state.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
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- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
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- → Three depreciation:
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