City budget of $568 million for fiscal year 2023 approved by council

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June 13, 2022

PRESS RELEASE

Contact:

Parker Gavigan, communications director

[email protected]

The household goes for the 1St Time to lower the homeownership tax rate, increase seniors’ exemption for the elderly, reduce material business tax, identify funds for the Superman building, and call for hiring a full-time fire chief

The Providence City Council, chaired by President John Igliozzi, voted to approve the $568 million city budget for fiscal 2023, which lowers the homeownership tax rate in light of rising home values ​​and increases the exemption for older people, giving seniors a A period of rising inflation will give them a break from their property taxes. The budget also provides for the hiring of a qualified full-time fire chief and includes public safety funding for a new police academy, adding 50 trained officers to the force. The fiscal year 2023 budget was approved by the council’s finance committee after a thorough review process, weeks of discussions and testimonies from city department heads. A second vote is expected on Thursday 16 June.

The Providence City Council, chaired by President John Igliozzi, voted to approve the $568 million city budget for fiscal 2023, which lowers the homeownership tax rate in light of rising home values ​​and increases the exemption for older people, giving seniors a A period of rising inflation will give them a break from their property taxes. The budget also provides for the hiring of a qualified full-time fire chief and includes public safety funding for a new police academy, adding 50 trained officers to the force. The fiscal year 2023 budget was approved by the council’s finance committee after a thorough review process, weeks of discussions and testimonies from city department heads. A second vote is expected on Thursday 16 June.

City Budget Highlights for Fiscal Year 2023:

  • The homeownership tax rate has been reduced to $17.80 per $1,000 (a reduction from the Mayor’s proposal of $18.50 and the current rate of $24.56)*Residential property values ​​rose an average of 46%, according to the city’s internal auditor. There are 32,124 dormitories in the city.
  • The commercial real estate tax rate was reduced to $35.40 per $1,000, which is below the current rate of $36.70 (but an increase from the mayor’s $33.85 proposal). According to the city’s in-house auditor, commercial property values ​​rose by an average of 15%. There are 5,246 commercial properties in the city.
  • The tangible business tax fell to $53.40 per $1,000 (a decrease from the mayor’s proposal of $55.55 and the current tax rate of $55.80).
  • Elderly tax exemption increased from $511 to $600
  • The homestead tax exemption has been increased from the current 40% to 45% (in line with the mayor’s proposal).
  • Extension of Personal Tax Exemption Deadline from March 15th to December 31st (Social Security Disability, Disability, Blindness Waiver, Veterans Waiver, Needs Waiver)
  • Funded a new city police academy
  • $5 million has been allocated for the development of the Superman Building (111 Westminster Street, if development is approved by the General Assembly and City Council).
  • Provides funding for a qualified full-time fire chief to be hired with an annual salary not exceeding $175,000
  • Used approximately $4 million in ARPA funds for small business or capital infrastructure improvements in our neighborhoods

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