PROVIDENCE – Providence has the fifth-highest commercial property tax rate in the nation according to a Lincoln Institute report on state property taxes released May 18. The study ranked the largest metropolitan areas in each state and ranked their effective tax rates for commercial properties and homesteads.
The 2016 effective commercial tax rate on all commercial property was 3.71 percent in Providence, which ranked No. 5 for commercial property tax in every building valuation category in the study. Two years ago, Providence ranked No. 3 in each of the same categories.
Overall, Providence also ranked fifth-highest on the list of American cities for commercial property tax reliance, which is defined as property taxes as a percentage change of that city’s property tax rate. For example, in 2016 0.92 percent of any tax revenue would be the result of a commercial property tax rate increase.
Chris Bergenheim is the PBN web editor.
