The City of Warwick proposes to increase its property tax levy to $233,000,089 in the 2023-2024 budget year; the property tax levy this year is $226,362,003. This is a proposed levy increase of 2.93%.
It is anticipated that there will be an overall increase in property values and when coupled with the increase in the proposed tax levy will result in a property tax rate of $14.76 for residential real estate per $1,000 of assessed valuation, as compared to the current property tax rate of $18.73 per $1,000 of assessed valuation, and $25.83 per $1,000 of assessed valuation for commercial and industrial, as compared to the current property tax rate of $28.10 per $1,000 of assessed valuation. Tangible personal property will result in a property tax rate of $37.46 per $1,000 of assessed valuation as compared to the current rate of $37.46.
Because of new construction and improvements, it is estimated that the tax levy on existing property will increase by less than 2.5%.
These rates are based upon updated valuations of property as of December 31, 2022 and assume that the General Assembly takes affirmative action on H-6292 which gives the Mayor, City Council, and the City Tax Assessor flexibility on the rates applied to residential, commercial, and tangible property.
A property tax rate of $14.92 for residential real estate, $26.11 for commercial and industrial real estate, and $37.46 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 Warwick’s budget will be considered at a special public meeting to be held on May 22nd, 2023.
The School Department’s budget will be presented at the same time.
The above property tax estimates have been computed in a manner approved by the Rhode Island Department of Revenue.
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When do we expect to see the new residential property valuations posted that have been delayed for years?
Thursday, May 11 Report this