The City of Cranston proposes a property tax levy of $186,925,485 in the 2024-2025 budget year; the property tax levy this year is $186,925,485. The FY 2024 and FY 2025 tax levies have excluded motor vehicle excise tax for the purpose of determining tax levy growth pursuant to current law. There is no proposed tax levy increase.
The City of Cranston is currently conducting a revaluation of property, which is mandated by the State of Rhode Island. It is anticipated that there will be an overall increase in property values and when coupled with a similar proposed tax levy will result in a property tax rate of $13.41 for residential real estate per $1,000 of assessed valuation, as compared to the current property tax rate of $18.90 per $1,000 of assessed valuation, and $20.12 per $1,000 of assessed valuation for commercial and industrial, as compared to the current property tax rate of $28.35 per $1,000 of assessed valuation. Tangible personal property tax rate of $20.12 per $1,000 of assessed valuation has been capped in alignment with RIGL §44-5.3-3
A property tax rate of $13.41 for residential real estate, $20.12 for commercial real estate and $20.12 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 City of Cranston budget for fiscal year 2025 will be considered for final adoption at a City Council Meeting on Monday April 29,2024 at 5:30 PM in the City Council Chambers of City Hall, 869 Park Ave., Cranston R.I. 02910
The above property tax estimates have been computed in a manner approved by the Rhode Island Department of Revenue.
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