EAST PROVIDENCE — In a press release issued late Wednesday afternoon, May 22, East Providence Assessor Steven Hazard announced the revised tax rates for the city over Fiscal Year 2013-14.
The tax rates for the City of East Providence are as follows: Residential 22.78, Commercial/Industrial 25.21, Business Tangible 56.25, and Motor Vehicle 37.10.
The Homestead Exemption, which is being phased out over a period of 15 years, drops to 13 percent this fiscal year for owner-occupied one, two and three family dwellings, which makes the effective residential rate 19.82.
The city completed a revaluation in 2012, which saw property values reduced by ten to fifteen percent depending on property type. The overall tax levy increased by 2.4%. According to the release, this would have resulted in an increase of 50 cents on last year’s residential tax rate without consideration of the revaluation.
The average single family home worth $200,000 will see an increase of $100. Quarterly due dates are July 1, 2013, Sept. 3, Dec. 2, and March 3, 2014. There is a 1.5% discount for taxes paid in full by July 1, 2013.