The Town of New Shoreham proposes to increase its property tax levy to $12,009,351 in the 2022-2023 budget year; the property tax levy this year is $11,319,552. The FY 2022 and FY 2023 tax levies have excluded motor vehicle excise tax for the purpose of determining tax levy growth pursuant to current law. THIS IS A PROPOSED INCREASE OF 5.14%.It has been estimated that the proposed increase in property tax revenues will result in a property tax rate of $7.04 per $1,000 of assessed valuation, as compared to the current property tax rate of $6.70 per $1,000 of assessed valuation.The preliminary FY 2022-2023 motor vehicle levy includes taxes on motor vehicles at an unchanged rate of $9.75 per $1,000 of assessed valuation, which includes the exemption amount provided by the state’s motor vehicle excise tax phase-out legislation up to $6,000.A property tax rate of $6.86 would be needed in the coming budget year to raise the maximum levy authorized by section 44-5-2 of the general laws.The Town of New Shoreham budget will be considered Monday May 2, 2022 at the Block Island School, High Street, Block Island, RI.The above property tax estimates have been computed in a manner
