Going to break down for you what this new city wide property tax assessment means to you.
The new city wide property revaluation resulted in $400,930,670 more (in property value) for the city to tax.
To calculate that as a % increase, you have to divide the new total taxable property value by the old:
$5,707,205,000 = 7% increase
Using my home as an example...
Our new property tax assessment is 253,300.
Our old assessed value was $234,800
An increase of 18,500 or 7.9%
What we are currently paying:
234.8 X $20.75 (current tax rate) = $4,872.10
How much more we would be paying this year after the reval and with the current tax rate of $20.75 per $1000...
Our new assessed value is 253,300
253.3 X $20.75 = $5,255.98
A difference of $383.88
At the current tax rate, I will be paying $383.88 more per year for property tax.
The last citywide tax assessment revaluation resulted in a tax rate decrease, however, the Mayor increased spending by almost 5%!!!!!
THE MAYOR HAS NEVER DECREASED SPENDING!
THIS IS A MAJOR PROBLEM WHEN A MAYOR CAN'T CONTROL SPENDING, YET TAXPAYERS KEEP TAKING A HIT, SOME MORE THAN OTHERS, SOME SIGNIFICANTLY MORE THAN OTHERS!!
We also see this time around, that many of the waterfront homes had a property reval reduction, we believe due to the massive increases in flood insurance costs.
THE BOTTOM LINE IS, WE DO NOT HAVE ENOUGH COMING IN TO KEEP UP WITH WHAT'S GOING OUT!
We don't have the money to pay for expired grant funding that was used to hire more city employees! Taxpayers are now paying the salaries, pensions and healthcare for positions we cannot afford. We don't have the money to keep hiring more, period! We should be looking at how we can save money and drive business and development here to Warwick, not away!
The more you squeeze people for more, the more revenue the city loses (families and business leave), which is currently the case. The city of Warwick is in the red!!
More is going out than what is coming in to keep up with all of the costs to run the city!
Businesses cannot keep up with THE SQUEEZE.
Homeowners cannot keep up with THE SQUEEZE.
Some takers are taking far too much!
It's unfair, inequitable, irresponsible and it will never lead to things getting better in the city of Warwick!