CITY OF NEW SHOREHAM NOTICE OF PROPOSED PROPERTY TAX RATE CHANGE
The City of New Shoreham is proposing to increase its property tax to $12,009,351 in the 2022-23 budget year; the property tax levy this year is $11,319,552. Tax levies for fiscal years 2022 and 2023 have excluded motor vehicle excise tax for purposes of determining tax levy growth in accordance with applicable law. THIS IS A PROPOSED INCREASE OF 5.14%.
It has been estimated that the proposed increase in property tax revenue will result in a property tax rate of $7.04 per $1,000 of property assessment, compared to the current property tax rate of $6.70 per $1,000 of property assessment.
Preliminary motor vehicle tax for fiscal year 2022-23 includes motor vehicle taxes at an unchanged rate of $9.75 per $1,000 of assessment, which includes the exemption amount provided by the state motor vehicle excise tax phase-out legislation up to $6,000.
A property tax rate of $6.86 would be required during the next fiscal year to raise the maximum levy authorized by section 44-5-2 of the general laws.
The New Shoreham City Budget will be considered on Monday, May 2, 2022 at Block Island School, High Street, Block Island, RI.
The above property tax estimates have been calculated in a manner approved by the Rhode Island Department of Revenue.
Town of New Shoreham