Newport Homeowners: Find savings with the Residential Tax Rate Program

Newport property owners, take note: The City of Newport’s Residential Tax Rate Program offers a fantastic opportunity to reduce your annual property tax bills. Whether you’re a homeowner or a landlord, this program could save you hundreds—or even thousands—of dollars. With the enrollment period now open, it’s the perfect time to explore how you can benefit.

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First introduced in 2022, the program is designed to promote year-round residency for homeowners and tenants alike. It offers significant tax savings to eligible owner-occupied homeowners and landlords who rent to long-term tenants. Beyond financial relief, the program supports the stability and vibrancy of Newport’s community by encouraging long-term residency.

Who Qualifies?

The Residential Tax Rate Program is available to two main groups:

1. Owner-Occupied Homeowners
   To qualify, homeowners must use their Newport property as their primary residence for more than seven months of the year. Applicants will need to provide proof of residency, such as a valid Rhode Island Driver’s License or Voter Registration card listing the property’s address.
2. Landlords of Multi-Unit Properties
   Landlords owning residential properties with three or fewer units can participate if all units are rented year-round to tenants with active, year-long leases. Landlords must keep current 12-month leases on file with the City’s Tax Assessor’s office to maintain eligibility.

Additionally, properties must be titled in the name of the applicant, a trustee of a living trust (with the trustee residing and paying taxes at the property), or in the name of life tenants residing at the property and responsible for the taxes.

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The financial benefits of this program are compelling. Homeowners who qualify enjoy a tax rate of $6.97 per thousand dollars of assessed value, compared to $8.22 for non-residents. This difference, coupled with Newport’s already competitive tax rates, can lead to substantial savings.

For landlords, the program provides a strong incentive to secure reliable, year-round tenants. By meeting the program’s requirements, landlords can significantly reduce their tax burden while contributing to a more stable community. Beyond the savings, this program fosters long-term residency, benefiting local businesses, schools, and community organizations by creating a more consistent and engaged population.

How to Apply

The application period for the program runs from January 2 to March 15, 2025. Applications can be submitted online, in person at City Hall, or by mail to the Tax Assessor’s office at 43 Broadway, Newport.

Applicants should prepare to submit proof of residency (for homeowners) and current, signed leases (for landlords).

Approved applications will remain valid for the 2025, 2026, and 2027 tax years. Even if you’ve previously enrolled, re-application is required during this period to update your information. To maintain eligibility, landlords must ensure that valid, year-long leases are kept on file with the Tax Assessor’s office. Providing false or misleading information during the application process can lead to disqualification, retroactive tax adjustments, and legal penalties.Don’t wait until the deadline to take advantage of this opportunity. Start gathering your documentation today to ensure a smooth application process. For more information, visit the City of Newport’s website at www.CityofNewport.com/ResidentRate or contact the Tax Assessor’s office at (401) 845-5300.

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