Newport is proposing a 45-cent or 17% real property tax decrease from last year.
The 2024 proposed rate is $2.15 per $1,000, down from $2.60 per $1,000. Though Newport proposed a lower rate, because of increased property valuations this year, the city is expected to bring in more money and taxpayers may still see a higher tax bill.
The 2023 rates:
- Real property: $2.60 per $1,000
- Revenue generated: $2,580,367
- Personal property tax: $2.74 per $1,000
- Revenue generated: $$263,248
The 2024 proposed rates:
- Real property: $2.15 per $1,000
- Expected revenue generated: $2,728,319
- Personal property tax: $2.59 per $1,000 (a 15 cent decrease from 2023.)
- Expected revenue generated: $278,433
The 2024 proposed compensating rate:
- Compensating rate for real property: $2.07
- Expected revenue generated: $2,623,383
- Compensating rate for personal property: $2.49
- Expected revenue generated: $267,724
This rate is the compensating rate plus 4%…