This ordinance would establish a split tax rate for properties with year-round occupants, whether they are owners or tenants. The development of the ordinance goes back to last year when the Council established a Taxation Relief Ad-Hoc Committee with the direction to investigate property tax relief for Newport residents. The Committee delivered a report to the Council in April, detailing its proposal for a tiered residential tax system allowing year-round occupied properties to be taxed at a lower rate than non-year-round occupied properties.
If you live in Newport year-round, that property would be taxed at a lower rate regardless of whether you own your home or rent.
The Council will vote on this proposed policy in this Wednesday’s Council meeting.
The workshop and the meeting being held back-to-back is less than ideal, especially considering the importance of this policy. We encourage all interested to attend.
Implementing a two-tiered residential tax will incentivize year-round residency and incentivize property owners to rent to year-round tenants.