Smiley’s First Budget Targets Homeowners With Tax Increase
Wednesday, April 26, 2023
Providence’s Mayor Brett Smiley is anticipating the days of the federal COVID money being over — and residential taxpayers in the Capital City will be paying the price.
Under Smiley’s proposed budget, the homestead exemption is getting cut, and homeowners are going to be filling the gap.
For a homeowner whose property is assessed at $300,000 and there are not many of those — the increase in the tax bill would be about $400 annually.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTSmiley said, “What I found was clear: our current system is not sustainable. In the last three years, one-time federal funding was used to cover budget gaps that now exist without a permanent solution. And just last year, taxes were cut to historic lows, making Providence the 8th lowest property tax rate in the state, even though we service the most people and nearly half of the land is tax exempt.”
“We are likely on the brink of a recession, and relying on irresponsibly low tax rates will not prepare us for what’s ahead," he added,
"That’s why in addition to a commercial tax decrease, we are also proposing a modest increase to our residential property tax rate, which will still make Providence the 11th lowest in the state. These changes keep us competitive with other communities and ensure that our city has a solid foundation for whatever may come,” said Smiley.
“This budget shifts us away from reliance on one-time federal dollars being used to fund annual expenses, accounts for a large tax appeal settlement that we inherited, and it fully funds our pension payment which continues to increase by 5 percent every year,” Smiley added.
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