Homeowners shocked at Prov. revaluation

PROVIDENCE, R.I. (WPRI) - After the city of Providence re-valued thousands of homes -- at thousands of dollars less than their previous assessment -- homeowners are frustrated and concerned at what the consequences could be.

Preliminary figures show the city's tax base decreased by about 30 percent this year. For homeowners who just got the results of the revaluation in the mail, it was a rude shock to see their homes' value take such a significant drop.

After thirty years of living in the same home in Washington Park, "It was two-sixty-something and went down to about one-sixty-something," said the shocked homeowner, Ellen Schwartz. The property's value has gone up at times, too, but has never taken as big a hit as this. It hurts more because the home is her nest egg -- her safety net for retirement.

Schwartz is one of tens of thousands of Providence homeowners faced with lower property assessments. Even though the revaluation has been done on the properties themselves, what the homeowners will actually pay -- is actually still up in the air.

Schwartz is rueful, and isn't expecting her tax bill to go down. "I think with the state cutting taxes, and the huge federal deficit -- it's all falling on the city, and that's really a shame."

Mayor David Cicilline has not ruled out a tax rate increase, but Schwartz knows the cash-strapped city has to come up with the cash somewhere. "People want schools, and they want roads, and somebody has to pay for that," said Schwartz.

The loss of 30 percent of the city's tax base could mean a significant loss of revenue as well. The city is still fine-tuning its budget for the next fiscal year, which begins next week.