§ 44-5-43 — § 44-5-43. Definitions.

§ 44-5-43. Definitions.

(a) As used in this chapter, the following terms are defined as follows:

(1) "Assessment ratio study� means the process of comparing, on a sampling basis, the current market values of properties to their assessed valuations, and of applying statistical procedures to determine assessment levels and to measure the nonuniformity of assessments.

(2) "Department� means the department of revenue.

(3) "Russell index of inequality� is that percentage obtained from the relation between the average absolute deviation of assessment ratios and the average ratio of assessment, and formulated as follows:

(b) Average absolute deviation of assessment ratios divided by the average assessment ratio = Russell index of inequality.

Legislative History

P.L. 1979, ch. 298, § 5; P.L. 2008, ch. 98, § 37; P.L. 2008, ch. 145, § 37; P.L. 2010, ch. 239, § 38.