2025-113

WHEREAS, the Rhode Island General Assembly adopted the Omnibus Property Tax Relief and Replacement Act, as amended, with the intent of minimizing property tax rate increases in all Rhode Island cities and towns by imposing a cap of 4.00% on the municipality’s tax levy; AND

WHEREAS, applying a 4.00% increase to the City of Newport’s FY 2023-2024 certified net tax levy of $88,919,387, yields a tax levy cap of $92,476,162 for FY 2025-2026; AND

WHEREAS, the Council of the City of Newport has striven to comply with the provisions of the Omnibus Property Tax Relief and Replacement Act, as amended; AND

WHEREAS, the Council of the City of Newport has vowed to exercise tight fiscal control and approve a FY 2025-2026 budget with the minimal tax rate increase; NOW, THEREFORE, BE IT

RESOLVED: that the Council of the City of Newport adopts a 2025-2026 budget based upon a real estate and tangible total tax levy of $91,320,210, and being not more than one hundred four (104.00%) percent of the prior year’s tax levy; AND BE IT FURTHER

RESOLVED: that the resultant two-tier rate of $7.250 per $1,000 of assessed valuation of owner-occupied Residential Real Estate, and $8.821 per $1,000 of assessed valuation of non-owner occupied, $10.875 for Commercial Real Estate and $14.880 for Tangible Personal Property tax, representing an increase of $2,400,823 or 2.70%, is not more than the maximum tax levy allowable pursuant to the Omnibus Act.

IN COUNCIL
READ AND PASSED
JUNE 25, 2025

LAURA C. SWISTAK, CMC
CITY CLERK