‘It’s gonna get worse’: Some Providence residents anticipate property tax hike

While some residents may see a decrease, many will end up shelling out more from their pockets.

PROVIDENCE, R.I. (WLNE) — Providence Mayor Jorge Elorza unveiled his final budget proposal of his term for the 2023-2024 year Tuesday night.

For some, this $567 million plan could entail a break on your property taxes, but for most — this will mean paying more.

On Tuesday, Elorza did propose a decrease in residential tax rates. But it’s also currently a red hot housing market.

This budget proposal comes the same week many Providence residents received letters in the mail with a newly assessed value of their property, where many saw their home value sky rocket.

For those who did see an increase, that means they’ll likely end up paying more taxes, if this passes.

This proposal, of course, is not set in stone yet. It must be approved by the City Council Finance Committee before July 1.

Some residents like Evelyn Lopez fear this potential tax price hike is going to price people out of their homes, and out of apartments in the city if landlords raise prices.

“We’re living in a really bad situation. I think this is the worst we’ve seen,” Lopez added.