The City of Cranston proposes to increase its property tax levy to $182,859,710 in the 2022-2023 budget year; the property tax levy this year is $178,067,653. The FY2022 and FY2023 tax levies have excluded motor vehicle excise tax for the purpose of determining tax levy growth pursuant to current law. THIS IS A PROPOSED INCREASE OF 2.69% TO THE TAX LEVY.
This proposal increases the current property tax rate of $18.00 per $1,000 of assessed valuation for residential real estate to $18.51 per $1,000 of assessed valuation. This proposal also increases the current property tax rate of $27.00 per $1,000 of assessed valuation for commercial/industrial/mixed use property and tangible personal property to $27.77 per $1,000 of assessed valuation.
The preliminary FY 2021-2022 tax levy also decreases the motor vehicle tax rate to $20.00 per $1,000 of assessed valuation from $30.00 per $1,000 of assessed valuation. This proposal tax rate also includes the exemption amount provided by the state’s motor vehicle excise tax phase-out legislation of up to $6,000.
A property tax rate of $18.74 for residential real estate, $28.11 for commercial/industrial/mixed use property and $28.11 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 will be considered at 6:00 P.M. on May 4, 2022 at:
https://www.cranstonri.gov/calendar/default.aspx
Please see the City’s web site for further details.
The above property estimates have been computed in a manner approved by the Rhode Island Department of Revenue.
Mayor Kenneth J. Hopkins
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