The implementation date for the this schedule is December 31st of the stated year. Upon the completion of the update and revaluation according to this schedule, each city and town shall conduct a revaluation within nine (9) years of the date of the prior revaluation and shall conduct an update of real property every three (3) years from the last revaluation.

(c) No later than February 1, 1998, the director of the department of administration shall promulgate rules and regulations consistent with the provisions of this section to define the requirements for the updates which shall include, but not be limited to:

(1) An analysis of sales;

(2) A rebuilding of land value tables;

(3) A rebuilding of cost tables of all improvement items; and

(4) A rebuilding of depreciation schedules.

Upon completion of an update, each city or town shall provide for a hearing and/or appeal process for any aggrieved person to address any issue which arose during the update.

(d) The costs incurred by the towns and cities for the first update shall be borne by the state in an amount not to exceed fifteen twenty dollars ($15.00) ($20.00) per parcel. The costs incurred by the towns and cities for the second update shall be borne eighty percent (80%) by the state (in an amount not to exceed ten sixteen dollars ($10.00) ($16.00) per parcel) and twenty percent (20%) by the town or city and in the third update and thereafter, the state shall pay sixty percent (60%) of the update (not to exceed six twelve dollars ($6.00) ($12.00) per parcel) and the town or city shall pay forty percent (40%); provided, that for the second update and in all updates thereafter, that the costs incurred by any city or town which is determined to be a distressed community pursuant to section 45-13-12 shall be borne eighty percent (80%) by the state and twenty percent (20%) by the city or town for all updates required by this section.

(e) The office of municipal affairs, after consultation with the league of cities and towns and the Rhode Island assessors' association, shall recommend adjustments to the costs formula described in subsection (d) based upon existing market conditions.

(f) Any property, which is either exempt from the local property tax pursuant to section 44-3-3 or which pays a city or town an amount in lieu of taxes, is not required to have its values updated pursuant to section 44-5-11.6, and the property is not eligible for the reimbursement provisions of section 44-5-11.6(e). However, those properties which are exempt from taxation and are eligible for state appropriations in lieu of property tax under the provisions of section 45-13-5.1 are eligible for state reimbursement pursuant to section 44-5-11.6(e), provided, that these properties were revalued as part of that city or town's most recent property revaluation.

(g) No city or town is required to conduct an update pursuant to this section unless the state has appropriated sufficient funds to cover the state's costs as identified in subsection (e).

(h) Any city or town who fails to conduct an update or revaluation as required by this section, is subject to the provisions in section 45-13-1.1.

(i) Any bill or resolution to extend the dates for a city or town to conduct an update or revaluation must be approved by a two-thirds ( 2/3) majority of both houses of the general assembly.

SECTION 2. This act shall take effect upon passage.