Taxes WILL go up. How and by how much?
By Will Collette
|"Faith's Folly," one of the boondoggle projects that are adding to |
your tax bill. 4,000% over budget and hardly ever used.
Details down below.
Usually they do it the simple way by simply bumping up the tax rate. But this was a revaluation year which will make the analysis of the Fiscal Year 2018 budget more complicated.
Charlestown property owners have already been notified by Charlestown Tax Assessor Ken Swain about the new valuation Charlestown will use to calculate their taxes. My assessment went up by 9.4%.
Overall, the value of taxable property in Charlestown went from over $2.3 billion to $2.5 billion, or approximately 8%.
The Budget Commission will hold a public hearing on the budget on May 1 where they will present the new $27,724,601 Fiscal 2018 Budget.
Of that amount, just over 50% covers Charlestown’s share of the cost of the Chariho School District. That part of the budget has already been approved by voters and is now locked in.
The Budget Commission is recommending a drop in the tax rate from the current $10.21 per $1000 of valuation to $9.54, a number subject to change all the way until the budget is finalized and approved by voters at the June 5 townwide Financial Referendum.
But the Budget Commission proposes that actual tax collections rise to $24,400,793, an increase of 1.15% despite the drop in the tax rate.
Hope you haven’t dropped off to sleep. Yes, the tax rate will drop for the first time since 2008 (which was another revaluation year) but no, you will probably still pay higher taxes.
Since my tax valuation is up by 9.4%, that wipes out the effect of the drop in the tax rate and then some. I suspect many other residents will be in the same boat.
Narragansett gets it but we don’t.
Making it even more galling is that the CCA Party has denied Charlestown residents the benefits of the Homestead Tax Credit available to other Rhode Island communities, but not here in Charlestown.
Narragansett’s Homestead Exemption just went into effect, giving full-time residents who do not rent out their property up to 10% off the tax valuation of their home. More than 3,000 full-time residents have applied to receive the exemption which is close to the Narragansett tax officials’ estimate of the total eligible households.