2024 cranston assessors The assessors use various methods to determine the value of a property, including the sales comparison approach, the cost approach, and the income approach. The sales comparison approach involves comparing the property being assessed to similar properties that have recently sold in the area. The cost approach involves estimating the cost to replace or reproduce the property, taking into account depreciation. The income approach is used for commercial and industrial properties and involves estimating the property's potential income. The Cranston Assessor's Office also handles property tax exemptions and abatements. Property tax exemptions are reductions in the assessed value of a property for certain groups, such as veterans, the elderly, and disabled individuals. Property tax abatements are reductions in the amount of property tax owed, usually granted to property owners who have made significant improvements to their property. The Cranston Assessor's Office is required by law to reassess all properties in the city every three years. This ensures that the assessed values remain accurate and up-to-date. Property owners have the right to appeal their assessed value if they believe it is too high. The appeal process involves filing a written appeal with the Cranston Board of Assessment Review, which then schedules a hearing to review the appeal.
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