NOTICE OF PROPOSED PROPERTY TAX RATE CHANGES
The Town of North Providence, Rhode Island, proposes to increase its property tax levy to $66,554,136 in the 2025 budget year; the property tax levy this year is $67,169,606. The Fiscal Year 2025 and Fiscal Year 2024 tax levies have excluded motor vehicle excise tax for the purpose of determining tax levy growth pursuant to current law. THIS IS A PROPOSED DECREASE OF .91%.
It has been estimated that the proposed tax revenues will result in a property tax rate of $16.61 per $1,000 of assessed valuation for residential real estate, $23.35 per $1,000 of assessed valuation for commercial and industrial real estate, $58.58 per $1,000 of assessed valuation for tangible personal property as compared to the current rates of $16.61 per $1,000 of assessed valuation of residential real estate, $23.35 per $1,000 of assessed valuation of commercial and industrial real estate and $58.58 per $1,000 of assessed valuation of tangible personal property.
The preliminary Fiscal Year 2025 motor vehicle levy includes taxes on motor vehicles at a tax rate of $20.00 per $1,000 of assessed valuation for motor vehicles as compared to the current rates of $30.00 per $1,000 of assessed valuation of motor vehicles, which includes the exemption amount provided by the state’s motor vehicle excise tax phase-out legislation up to $6,000.
The tax rate breakdown between School and Municipal is as follows:
Classification
Residential Commercial Tangible
Classification
Residential Commercial Tangible
EDUCATION TAX RATES FY24 Tax Rate Change
$ 9.67 $13.59 $34.09
$ 6.94 $ 9.76 $24.49
$0.02 $0.03 $0.07
MUNICIPAL TAX RATES FY24 Tax Rate Change
($0.02) ($0.03) ($0.07)
FY25 Tax Rate
$9.69 $13.62 $34.16
FY25 Tax Rate
$6.92 $9.73 $24.42
A property tax rate of $17.55 for residential real estate, $24.29 for commercial and industrial real estate and $59.52 for tangible personal property would be needed in the coming budget year to raise the maximum levy authorized by section 44-5-2 of the general laws.
The Town of North Providence budget will be considered at a Town Council meeting to be held on May 21, 2024 at 5:30 PM in the Town Council Chambers of the North Providence Town Hall.
The above property tax estimates have been computed in a manner approved by the Rhode Island Department of Revenue.
Charles A. Lombardi Mayor Town of North Providence