Cities & Towns need tools to ensure everyone is doing their fair share to support strapped property taxpayers. Non-profit institutions with over $20 million in real estate need to contribute their fair share to support their communities.
- Nearly 40% of appraised Providence property value pays no taxes.
- Payments from large institutions amount to less than 1% of the City budget.
- Large institutions own property valued at $3.2 billion.
- Lifespan and Brown University each, individually, have larger annual operating budgets that the City of Providence.
- If the large institutions paid the full appropriate property tax rate — it would generate $88 million dollars a year for the City of Providence.
Two Legislative Initiatives
Fair Share Impact Fee
- Institutions with assessed real estate valued at $20 million or greater may be assessed up to 25% of the appropriate tax rate.
Fair Share Assessment Fee
- Assessment is to the institutions (private colleges and universities) at $150 per student per semester.
- Rhode Island residents would not count toward the fee.