Previously Non-Public Document Unveils Providence's Exploding Tax Assessments
GoLocalProv News Team
Previously Non-Public Document Unveils Providence's Exploding Tax Assessments
The revaluation varies dramatically by neighborhood, and the greatest percentage increases are in the value of multi-family properties— increases that are likely to cause yet another spike in rents.
The document provided to GoLocal was prepared for the City of Providence by Vision Government Services on March 4, 2025.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThese increases in assessed value come at the same time that Mayor Brett Smiley is pressing the legislature to remove the 4% cap that the city can increase taxes in a single year - GoLocal was first to unveil Smiley's plan for the request last fall.
What is not known is what the Smiley administration will propose for a tax rate. Providence residents are facing a major tax increase.
Single Family Home Value
For those who own single-family homes, the revaluation value of property has exploded. As a class, single-family homes have increased by ward from 29% to 41%.
On average, te value of single-family homes jumped 33% from $373,235 up to $494,674.
In two wards of the city, the average new accessed value is now far in excess of $1 million.
In Ward 1, which is comprised of the neighborhood of Fox Point, and portions of Wayland Square, College Hill, the Jewelry District, and downtown Providence, the average assessed value has jumped from $825,886 to $1,125,487 — a 36% increase.
Ward 2, which includes portions of Blackstone, College Hill and Wayland neighborhoods, there was a slightly lower percentage increase, but an even higher average value.
The values in Ward 2 jumped by 33% from $965,934 to $1,269,784.
The ward with the lowest average assessed value is Ward 8 — which saw a 31% increase but the average assessed value is $329,556.
45% Increase for Two-Family Homes
Two-family homes increased even more than single-family homes —45%.
Three Family Values Jump 50%
The assessed value of three-family homes is the highest in Ward 2, at $1,268,344. The ward that saw the highest percentage increase was Ward 12, which saw a 60% increase.
Commercial Properties Versus Residential Values
While the value of homes and multi-family homes exploded, commercial properties increased at a far slower rate.
The assessed value of office buildings has only increased 9%, retail buildings 14% and commercial as a category up 17%.
Condo Assessed Values by Ward
Condos' assessed value increased on average by 32%.
Again, Ward 2 saw the highest value; the assessed value of a condo is now over $620,000 on average.
Providence taxpayers who believe the new assessment of their homes is unfair can appeal by contacting the Providence Tax Assessor's office.