Above: This slide from Thursday’s budget hearing shows the percent increases in various parts of town.
Values rose most downtown, including for smaller apartment buildings
The Town of East Greenwich recently completed a revaluation of property values in town, both residential and commercial, and the news probably won’t surprise most of us: property values are up. The current median single-family home value is $475,800 – a 14.33 percent increase from the last revaluation in 2017 (when the median house value was $416,000). Overall, the increase was 12 percent for single family homes.
That alone doesn’t automatically translate to higher taxes, depending on how much your property value increased. Because of the overall higher property values, the residential tax rate will be dropping to $21.77 per $1,000 assessed value, a decrease of $1.66 from the current $23.43. But the proposed budget for fiscal year 2022 is up 3 percent, so taxes will be going up for most property owners (read more about that HERE).
At the Town Council’s budget hearing Thursday night, town officials spent some time digging into the revaluation details. By state law, property revaluations take place every three years; this recent one was for 2020 and it was what’s known as a “statistical reval,” one done from paper documentation the town has on file for each property. Every 10 years, the town must conduct a revaluation where someone comes into your home.
According to tax assessor Chelsea Romano, in terms of the types of housing, the residential values went up highest for complexes with 2 to 5 units (30 percent) and for vacant land (31 percent). Regarding the 2- to 5-unit complexes, Romano said she thought they had been undervalued before, so maybe they are catching up to where they should be.
Regarding the jump in value for vacant land, she said, “Vacant land in certain areas of town is selling for a lot more than it was three years ago. A lot of new subdivisions going in and those vacant parcels are selling for a lot more than we had them valued before.”
When it comes to areas of town, the largest increases were seen in the Hill and Harbor neighborhoods, which went up 21 and 23 percent, respectively. Part of that, Romano said, was the increase in value seen in those 2- to 5-unit properties (which are primarily downtown).
The area just off Post Road, on either side of Cedar Avenue, saw a 16 percent increase in values. That would include The Terrace on Main condo development on a parcel that had previously been home to a photo studio.
Romano said she was happy to talk with homeowners about their property value. “It really is eye-opening all the things that go into [values],” she said. You can reach Romano at [email protected].
Also, you can watch last Thursday’s entire budget hearing on the EG News Facebook page HERE. If you are only interested in the revaluation part of the meeting, that starts at around 1 hour 24 minutes in.