Section 280-RICR-40-00-2.1 - GeneralA. These materials have been prepared by Municipal Affairs - Tax Equalization section to assist local city/town tax assessors to plan and carry out the triennial property updates required by R.I. Gen. Laws § 44-5-11. It must be noted that the enclosed rules and regulations will help to define the requirements for the property valuation updates. The rules and regulations shall include, but not be limited to the following: 2. A rebuilding of land value tables3. A rebuilding of cost tables of all improvement items4. A rebuilding of depreciation schedules5. Market comparison approach to value6. Income approach to value when applicableB. In order to develop a carefully prepared plan to effectively and efficiently update property values; current assessment levels, assessment uniformity, market and cost trends should be analyzed. A proper plan is needed so the tax assessor can ascertain what exactly should be done in their city/town so that the property valuation update is completed on time, within budget and with values that are both accurate and legally defendable. This plan should evaluate and analyze:1. The assessment administration system presently in use2. Whether the level and uniformity of property assessments are within standards.280 R.I. Code R. 280-RICR-40-00-2.1