Property Tax Rates Jump 9.1%, But Decline in Values Tempers Boost

New tax rates have been set in East Providence for the 2014 fiscal year.

Tax Assessor Steve Hazard said the new individual tax rates are $22.78 per $1,000 of assessed valuation on residential property and $25.21 per $1,000 of assessed valuation on commercial property.

Both rates are significantly higher than this year – 9.1 percent. The rates will boost revenue by 2.4 percent beginning in July.

The steep increase in the tax rate will be offset in most cases, according to the tax assessor, by a general 10 to 15 percent decline in property values based on the 2012 revaluation. 

Owners of one-, two-, and three-bedroom family homes who live in those properties will still get a homestead exemption of 13 percent next year. It makes the effective residential rate $19.82 per $1,000 of property value.

Under the new tax rates, the owners of a $200,000 home will see their taxes rise by $100, according to the tax assessor. 

You can get a discount of 1.5 percent if you pay your taxes in full by July 1.

The tax rate for motor vehicles will stay the same -- $37.10 per $1,000 of value, according to Hazard. The tangible business property tax rate will jump from $51.10 to $56.25.

Quarterly tax due dates are July 1, Sept. 3, Dec. 2 and March 3, 2014.