R.I. Gen. Laws § 44-72-6 — Rate of tax

The tax authorized by this chapter shall be measured by the assessed value of the
real estate at the rate of two dollars and fifty cents ($2.50) for each five hundred
dollars ($500) or fractional part of the assessed value in excess of one million dollars
($1,000,000). For tax years beginning on or after July 1, 2027, the assessed value
threshold of one million dollars ($1,000,000) provided pursuant to this section shall
be adjusted by the percentage increase in the Consumer Price Index for all Urban Consumers
(CPI-U) as published by the United States Department of Labor Statistics determined
as of September 30 of the prior calendar years. Said adjustment shall be compounded
annually and shall be rounded up to the nearest five-dollar ($5.00) increment. In
no event shall the assessed value threshold in any tax year be less than the prior
tax year.