Ready for a 20+% increase in your property tax bill?

This is not a typical re-evaluation year. Do yourself a favor and calculate your potential real estate tax increase now, before the Town Council votes to approve Administrator Ezovski’s recommended tax rates. It won’t do you any good to complain after the fact.

The new tax rates, coupled with the new assessed valuations of real estate are going to cost some folks a bundle. The Administrator is recommending the Tangible and Commercial tax rates be lowered. Homeowners will be taxed to make up the loss of revenue caused by those lower rates. Tangibles are not impacted by re-evaluation. Our largest tangible taxpayer is National Grid and they will be the primary beneficiaries of a lowered rate for tangibles if the recommended rates are approved by the Town Council.

If you don’t think you have anything to worry about, think again; the 3.93% proposed increase in the total town wide levy does not translate into a 3.93% increase in your tax bill. After reviewing some assessments online, and calculating the projected increase, it is apparent that some will feel no pain since there was little change in their property’s assessed value (some even decreased slightly), while others, whose property assessment had a significant increase, will be facing 20+% increases in their tax bills. Have your family and friends check the increase in their tax bills.

To calculate how much more you will be paying follow these directions. Open the google document link to print the directions found below. https://bit.ly/2K6s8kL

1) Open the link. http://nereval.com/SearchInfo.aspx?town=North+Smithfield 2) Click “Enter database” 3) Enter your last name in the search bar at the top 4) Click “Search Property” 5) Click “View” on the account that matches your name and address 6) To the left of the photo of your property will be a box labeled “ASSESSMENT”. The number to the right of “Parcel Total” reflects your new assessed value. 7) Divide the “Total Parcel Value" by 1,000. Multiply the answer by the proposed new tax rate of $16.34. Example: $325,000(Total Parcel Value)/1000=325. Multiple 325 x $16.34(proposed tax rate) = $5,310.50(your new tax bill). 8) In the box marked “Prior Assessments” find the line marked 2018 and use the number straight across to the right in the column labeled “Total Value”. That represents your assessed valuation prior to the re-evaluation. 9) To calculate what your tax bill was this past year, divide the “Total Value” by 1,000 then multiple the result by $17.24 which is the current tax rate. (Example: $270,000 (2018 assessed value)/1,000= 270. 270 x $17.24(current tax rate) =$4,654.80. 10) To calculate the increase in your tax bill subtract the amount of your old tax bill from the amount of your new tax bill. $5,310.50 minus $4,654.80 = $655.70. In the example used the tax bill has increased by roughly 14%.

NOTE: Any exemptions you receive would have to be factored into your calculation. #northsmithfield #towncouncil #taxes #taxrates #budget #administrator #townadministrator #ezovski #council #taxincrease #homeowner #landowner #propertyowner