The City of Newport has announced a new two-tier residential tax rate that aims to provide owner-occupied homeowners with a break on their real estate taxes. The new rate will also apply to property owners of three units or less that rent all their units for one year or more to year-round Newport residents.
Qualified taxpayers can file an application between January 1, 2023 and March 15, 2023 to receive the owner-occupied residential tax rate, which may reduce the amount they pay in real estate taxes on an annual basis. To be eligible for this rate, applicants must physically reside at the property for more than seven months of the year as their principal residence and the property must be their place of domicile.
Residential properties of three units or less may also qualify if all the rental units are rented to tenants as their principal residence under a lease of one year or longer. Owners applying for this rate must provide copies of leases for all units as part of their application.
To apply, residents must submit an application along with acceptable proof of residency, such as a valid Rhode Island driver’s license or ID listing the subject property as their address, or a voter registration card showing that they are registered to vote in the City of Newport. All applications must be notarized prior to submission and can be filed in person at 43 Broadway, by mail, or electronically through the City’s secure FTP site.
It’s important to note that residents must apply to receive the owner-occupied residential tax rate. If they do not apply, the non-owner occupied residential rate will be applied to their property automatically.