The Bill is now on the table of the governor for consideration of the new tax structure of owner-occupied housing after several deliberations sponsored by Rhode Island House Representative Lauren H. Carson.

Bill on Tax Relief

Under the legislation (2023-S 1092, 2023-H 6356), exclusively for Newport, new two-tier residential tax rates are in full hopes of the residents to be established. In which the owner-occupied properties are rated with lower taxes than those non-owner-occupied properties and houses. Commercial buildings with 3 rentable units and lower are also qualified for lower tax rates but are required to be occupied year-round.

The two-tier system was created by the City Council and recommended by the ad hoc Tax Relief Committee. According to Senator Euer, the property rentals and tax rates in Newport are quite costly. Tax relief is a tool to address the said issue. He expressed his heartful gratitude to the Tax Relief Committee and City Council for initiating. The availability of vacation rentals and short-term rentals has now decreased its availability, which means, renters have increased. This is a big advantage to the city, this action was like hitting two birds with one stone. This has resulted in revenue for the city, and at the same time, they are also contributing to relieve the housing crisis.

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Purpose of the Bill

As stated by Rep. Carson the goal of the bill is mainly to make housing in Newport affordable to everyone. She is very glad that her efforts were not wasted and were able to provide tax relief to the community and made Newport housing affordable and became more accessible to the residents.

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