Bill > S1114

This bill allows the city of Providence to implement a new property tax structure for high-value residential properties by permitting the city council to adopt higher tax rates for the portion of residential property valued over $1 million per dwelling unit. The bill enables the city to create progressive tax brackets for these high-value properties, meaning the tax rates could increase in stages as property values exceed the $1 million threshold. Additionally, the bill provides flexibility by allowing exemptions for properties owned by taxpayers below a certain income level. An important provision is that any additional revenue generated from these higher tax rates will be exempt from the existing 4% levy growth cap, which typically limits the annual increase in property tax revenue. This legislation gives Providence more local control over property taxation, potentially creating a mechanism to generate additional municipal revenue from high-value residential properties while providing protections for lower-income homeowners. The bill will take effect immediately upon passage by the General Assembly.

Housing and Urban Affairs

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