CouncilNotes
Resolution

2026-115

The City of Newport Council adopted Resolution No. 2026-115 to adjust property tax rates for FY 2026-2027 in compliance with Rhode Island's Omnibus Property Tax Relief Act. Citing a 4.00% levy cap, the council approved a total real estate and tangible tax levy of $95,540,475, representing a 3% increase over the prior year's $91.9 million. Specific two-tier rates were set: owner-occupied residential at $7.177 per $1,000 valuation; non-owner occupied commercial at $9.494 per $1,000; and tangible personal property at $14.880 per $1,000. This resolution aims to exercise tight fiscal control while minimizing tax burden increases for residents.

Key topics

  • Tax Rate Adjustment
  • FY 2026-2027 Budget Adoption
  • Rhode Island Property Tax Relief Act Compliance
Read the full text the original record, verbatim

CITY OF NEWPORT

RESOLUTION

OF THE
COUNCIL

No. 2026-115

A RESOLUTION TO ADJUST THE NON-OWNER OCCUPIED TAX RATE BASED ON CERTIFIED ASSESSOR TAX ROLL

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 2025-2026 certified net tax levy of $91,910,029, yields a tax levy cap of $95,586,430 for FY 2026-20267 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 2026-2027 budget with the minimal tax rate increase; NOW, THEREFORE, BE IT

RESOLVED: that the Council of the City of Newport adopts a 2026-2027 budget based upon a real estate and tangible total tax levy of $95,540,475, 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 $7.177 per $1,000 of assessed valuation of owner-occupied Residential Real Estate, and $9.494 per $1,000 of assessed valuation of non-owner occupied, $10.766 for Commercial Real Estate and $14.880 for Tangible Personal Property tax, representing an increase of $3,630,446 or 3.