Newport reappraisal could lead to drop in tax rate
copyright the Chronicle June 21, 201
by Joseph Gresser
NEWPORT — The preliminary results of the citywide reappraisal are in and, while some property owners are unhappy with the jump in their assessment, Newport’s government is breathing a sigh of relief.
At present, the total value of the proposed Grand List stands at around $399-million, according to Newport City Manager Laura Dolgin. That is well above the $315-million valuation that was predicted last January.
That figure is far from the final word. Taxpayers have the right to grieve their assessment, and it will take a couple of months to resolve most challenges.
But if the result is close to the early figures, it could mean a substantial drop in the municipal tax rate.
The Grand List figure used for budgeting in 2015 and 2016 was $258-million. When members of the city council began work on the current budget, they believed the Grand List would rise to $330-million.
During their deliberations City Assessor Stewart Potter told the council that the actual figure would be closer to $315-million.
Newport’s budget was already expected to rise about $360,000 from the 2016 level of $4.81-million to $5.18-million.
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