Providence Property Owners Could Face Huge Tax Increase

Published by: The RI Association of Realtors
Realtor's Digest on July 22, 2010

City Council to Vote July 26
The Rhode Island Association of Realtors and the Greater Providence Board of Realtors is working to spread the word about a significant tax hike facing Providence property owners that will be voted on by the Providence City Council on July 26th. If passed, some property owners could see an 88 percent increase in their taxes.

On July 14, the Providence City Council's Finance Committee voted to increase the property tax rates for residential and commercial property.

The residential property tax rate would increase from $24.21 per $1,000 of assessed value to $30.38, a 25.5% increase.

The commercial tax rate would see a 17.8% increase from $28.60 per thousand to $33.70 per thousand.

Landlords may receive an even more significant blow if the repeal of the homestead exemption for non-owner occupied rental properties of 1-5 unites is passed. The exemption, which as been in place for two decades, exempts the first 33% of assessment value from the tax, resulting in a discounted rate of $16.14 this year. Loss of the exemption coupled with the tax increase could result in an 88 percent increase in taxes from year to year for some Providence property owners.

According to a July 16th report in the Providence Journal, property owners will receive revised tax bills next month.

Bristol among top towns for families

Source: WPRI.com (EyeWitness News Providence)
By: Amanda Mathias

Bristol, RI (WPRI) - A popular publication ranks Bristol among the top ten towns in America to raise a family.

Family Circle magazine did the story for their August 2010 issue. Bristol was the only town in New England named on the list. South Burlington, Vermont made the list in 2008.

According to the magazine, onboard informatics, a NYC research firm, assessed which towns in the United States best met the family-friendly criteria. Those criteria included affordable homes, quality schools, access to health care, green space, low crime rate, and financial stability.

The magazine notes Bristol's sense of community. One man is quoted, saying that he and his neighbors helped one another out during March's historic floods...

"In our yearly roundup of perfect places to raise kids, we salute these communities for their affordable homes, green spaces, blue-ribbon schools, and giving spirit," states the magazine's website.