2020 Budget & Tax Assessment Changes
Understanding the New Property Tax Assessment Ordinance
A majority of the Council’s Committee on Finance agreed to put forth a tax levy ordinance that brings back a homestead exemption (in addition to other exemptions like senior, widow, veteran, etc.), which gives a break to owner occupied properties. The Committee has proposed a flat tax rate of $24.56/per thousand along with a homestead exemption of 40%.
Below is the formula to find your proposed tax rate:
(Assessed Property Value – 40%) x $24.56 ÷1,000 = FY2020 Property Tax Bill
Vice-Chairwoman of the Committee on Finance and Council Majority Leader Jo-Ann Ryan (Ward 5) said after the meeting,
“The City Council Leadership team has worked very hard to mitigate the adverse effects of the property revaluation that occurred earlier this year, and I am proud to have been part of the solution. I want to thank the hardworking members of the Council’s Committee on Finance and the Council’s finance team for helping craft a budget that is fiscally responsible, ensures the city is meeting its financial obligations, and provides for services that are important to a vibrant and culturally diverse city like Providence.”