[Summit] Summit Digest, Vol 205, Issue 16

Marc Toby Grinberg marcgrinberg at gmail.com
Fri Apr 29 17:56:15 UTC 2022 

See this article:
https://www.providencejournal.com/story/news/local/2022/04/26/providence-ri-budget-proposal-4-percent-tax-revenue-boost-mayor-jorge-elorza/9542631002/

If I understand it correctly, because everyone's assessments went up, the
tax rate is going from 2.456% down to 1.85%. And the homestead exemption is
increasing from 40% to 45%. Which means if you live in your house, your
effective tax rate is going down from 1.474% to 1.0175%.  Therefore, the
break even point is an approximately 45% increase in assessed value. If
your assessment was less than this, you'll pay less tax; if it was more,
you'll pay more tax; but probably not by very much (e.g. a 50% jump in
assessment will increase your tax bill by ~.035% of your newly assessed
value - $140 on 400k; $209 on 600k).

If I got the math wrong, someone let me know.

On Thu, Apr 28, 2022 at 12:01 PM <summit-request at sna.providence.ri.us>
wrote:

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>    1. Re: New Tax Assessment Values for your House. (Sue Chartier)
>
>
> ----------------------------------------------------------------------
>
> Message: 1
> Date: Wed, 27 Apr 2022 15:52:01 -0400
> From: Sue Chartier <smchartier143 at yahoo.com>
> To: Christopher Buecheler <cwbuecheler at gmail.com>
> Cc: Summit Neighborhood e-mail <summit at sna.providence.ri.us>
> Subject: Re: [Summit] New Tax Assessment Values for your House.
> Message-ID: <FE82BC65-19C6-4938-97D8-73667AFAE7CA at yahoo.com>
> Content-Type: text/plain; charset="utf-8"
>
> Hello all. I had a meeting this morning at city hall with a rep from
> Northeast Revaluation. I went armed with stats-square footage,# of
> bedrooms,#of baths,garages, and previous assessments, and also a ?Zillow?
> guesstimate of value from 16 of my neighbors. My property went up 51%. I
> didn?t get a good answer to what were the parameters they used. He said
> sales data was most of it.  Some bigger houses with multiple baths and
> garages are valued less than mine.  He said they would take my info into
> consideration and I should get a letter in 4-6 weeks.
> I urge more people to go talk to them. This doesn?t seem like an equitable
> way to assess value.
> Happy Spring everyone.
>
> Susan Chartier
>
> > On Apr 22, 2022, at 9:17 PM, Christopher Buecheler <
> cwbuecheler at gmail.com> wrote:
> >
> > ?
> > We got ours. Supposedly our condo has tripled in value over the ten
> years we've owned it, and more than doubled since our last assessment.
> That's 21% year-over-year growth. Seems juuuust a bit higher than the 3-4%
> year-over-year historical norm for real estate appreciation ...
> >
> > This bubble's going to pop and leave a lot of people underwater like
> happened in 2007, with mortgages hundreds of thousands of dollars higher
> than what they can actually sell their home for.
> >
> > -Chris
> >
> >> On Fri, Apr 22, 2022 at 8:26 PM KTC <ktcxyz at cox.net> wrote:
> >> I didn?t get one. Did they ALL go out?
> >>
> >>                      Kim T. Clark
> >>               RHODYCRAFT.com
> >>               769 HOPE STREET
> >>           PROVIDENCE, RI 02906
> >>                     401.626.1833
> >>
> >>
> >>
> >>> On Apr 22, 2022, at 7:53 PM, James Kelley <jameskelley4444 at gmail.com>
> wrote:
> >>>
> >>> I believe these were  previously sent in December and the mayor
> presented his budget in February and that gave the city council March,
> April, and May to examine each department before it's budget and tax levy
> votes. The Mayor's April 26 budget presentation will be very interesting
> and he should certainly address property tax assessments and mil rate.
> >>>
> >>> On Fri, Apr 22, 2022, 6:54 PM Ethan Gyles <ethangy at gmail.com> wrote:
> >>>> +42% here. Having heard also from another neighbor, it sounds
> widespread. The city will need to adjust the rates down to keep the total
> tax burden increase under 4% per state law. What that means for our
> individual bills can?t be predicted just yet.
> >>>>
> >>>> > On Apr 22, 2022, at 5:05 PM, James Kelley <
> jameskelley4444 at gmail.com> wrote:
> >>>> >
> >>>> > ?
> >>>> > I received my letter today +35%.  I can only hope that the rest of
> the city saw comparable increase in value percentages.
> >>>> >
> >>>> > It's a little frightening, honestly, for some of us on fixed
> incomes. I hope that, someday, the state and city will adopt some of the
> property taxation methods in places such as California and other places to
> protect long-term owners. B
> >>>> > _______________________________________________
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> >
> > --
> > Christopher Buecheler - @cwbuecheler
> > http://cwbuecheler.com | Web, Writing, and More
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