This value, which was based on market value at the time of the revaluation, is used to calculate one's property tax liability. Full value is an estimated value of the same property assuming that the property was sold in the marketplace today. Therefore, as time goes on, property may become more or less valuable than it was when the revaluation was conducted. However, the property tax liability for that property is still based on the most recent revaluation. The values are updated when the municipality updates all property through a revaluation.
Revaluation is necessary because the values of the property within localities change over time.
Therefore, the more time between revaluation, the greater the potential for inequities among types and classes of property. More frequent revaluation results in greater equity within and among jurisdictions. Uniform assessments due to more frequent revaluation ensures that assessed values reflect the current market. The frequency of real property revaluation is set by statewide legislation. Until recently, Rhode Island had a ten-year revaluation cycle.