SMITHFIELD — A statistical revaluation under way will help equalize property values for residential and commercial properties throughout town, said tax assessor Suzanne Kogut.

“Assessments are done to ensure that there is equity amongst the taxpayers,” said Kogut.

The town contracted with Vision Appraisal Technology, a company it has used in the past, to complete this year’s revaluation, which began June 29.

By state law, the town must complete a revaluation every three years. The next revaluation, to begin in 2012, will be a full revaluation, which will include interior inspections of every house in town.

In a statistical revaluation, inspectors review the property sales that take place between a specific period — in this case June 29 and Dec. 31 — and come up with property values for every house and business in town. Inspectors then drive around to double check the property information they have on file with the actual condition of the property. For example, Kogut said, if the record says a property contains a ranch style home, but inspectors find a second-floor addition when they visit the site, they adjust the assessment for that home.

“If the assessments drop considerably, the tax rate would have to raise enough money to balance the budget,” Kogut said.

That means that depending on the results of the revaluation, the tax rate of $13.98 per $1,000 of assessed value could change — up or down.

Kogut said that once the revaluation is completed in December, it will take time to analyze the data. It will likely be spring before residents are notified of the new assessments. Then, there will be an opportunity for property owners to contest their new assessments before the final tax bills go out in August.

For now, residents might see inspectors driving around town inspecting houses. Kogut said that all inspectors carry identification and a letter citing that they are registered with the town and the Smithfield Police Department.

Residents can visit the company’s Web site, www.visionappraisal.com, to view the results of the 2006 appraisal, and to get more information on the revaluation process.

tbuford@projo.com