NORTH PROVIDENCE – The town’s new tax rate for homeowners will drop by more than $6 per $1,000 of value. Commercial and tangible tax rates are set to move downward as well.
A town-wide revaluation and much higher overall property values overall mean North Providence must equalize its tax rate downward from the current $22.81 per $1,000 without exemptions factored in.
The new residential tax rate, based on numbers that haven’t been 100 percent finalized, is $16.61, or $6.20 lower, says Mayor Charles Lombardi.
Single-family homes saw overall value increases of about 36 percent in the newly completed revaluation, while commercial property values rose by 29 percent, but with the equalization of rates, not everyone will see a tax increase.
Typically speaking, about a third of property owners see their values go up, another third go down, and a third stay about the same, but North Providence and other communities likely saw more than the typical increase this year due to market conditions. Property owners with the biggest value increases will see their taxes go up as a result, even though the tax rate isn’t being increased with the spending plan.
The Town Council was set for a final budget hearing Tuesday evening, May 23, after changes made by the council dropped Lombardi’s proposed spending plan by $28,000, to $117,312,403.
The council will likely finalize the budget at its June meeting.
The proposed new commercial tax rate is down by a similar dollar figure, from $29.55 to $23.38, while the business tangible rate would go down from $64.78 to $58.58, according to Lombardi.
The town was second behind Johnston in terms of overall highest residential tax rates prior to this revaluation, and Lombardi said he’s hoping this move will move the town down the list.
“I’m hoping it pus us in a better position,” he said.
What many statewide listings fail to take into account, he noted, is that North Providence has a 20 percent homestead exemption for single-family property owners who live in their homes, meaning the rate itself isn’t what matters.
“They’re not comparing apples to apples,” he said.
Not including any discounts such as a homestead exemption, the owner of a home valued at $300,000 would previously have had a bill of $6,843 based on the tax rate of $22.81. If that same home now has a value of $400,000, the new tax bill would be $6,644.
Lombardi said he’s been frustrated to see taxes stay level for nearly a decade with no movement down the list of communities with the highest rates, but residents should remember that there are many factors beyond the numbers.
“It doesn’t make sense,” he said.
Many communities such as Cumberland have a separate fire tax, he said, while others don’t provide basic services such as trash removal.
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