Elorza proposes tax cuts to offset higher property values as part of FY23 budget

Updated at 6:45 p.m. on Tuesday.

Nancy Lavin

04/26/2022

MAYOR JORGE O. Elorza on Tuesday unveiled a $567 million fiscal 2023 budget proposal with major cuts to city tax rates to offset higher property values. / PBN FILE PHOTO/STEPHANIE ALVAREZ EWENS

PROVIDENCE – As property values soar under a recent city revaluation, Mayor Jorge O. Elorza wants to slash tax rates for the fiscal year that starts July 1. Elorza on Tuesday afternoon unveiled his proposed $567.3 million fiscal 2023 budget, including a nearly 25% drop in the city’s residential tax rate. But the proposed rate…

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