When you think of Newport, Rhode Island you think sailing, a vibrant waterfront, and mansions along Bellevue Ave. But let’s not forget high taxes. Because with all the money pouring into the city every summer, apparently, the city is broke.
Right after the city did a property revaluation, residents were told they wouldn’t see taxes go up. Now, they’re being told taxes are going up, but not for everyone. Christian Winthrop of The Newport Buzz reports:
A significant aspect of the proposed budget is the residential property tax rate, which would grant a 24 percent exemption for qualifying homeowners, up from 15 percent in FY2024. This larger exemption aims to provide relief to residents, with the tax bill for qualifying homeowners expected to remain largely flat, dependent on assessed values.
Despite a robust housing market contributing additional revenue, concerns persist over housing affordability and availability. The average assessed value of a single-family home now exceeds $1,000,000, with low housing inventory potentially driving residents away and hindering family stability.
In response, recent measures have been implemented, including zoning restrictions on short-term rentals and the establishment of a two-tier residential tax rate. However, housing remains a multifaceted issue encompassing stock availability, affordability, connectivity, and location.
Action Line: If your representatives look to you as a piggy bank to distribute your money to pay for others, maybe it’s time to find a new backyard.
