Newport proposes 45 cent tax reduction

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Newport proposes 45 cent tax reduction

Newport is proposing a 45-cent or 17% real property tax decrease from last year.The 2024 proposed rate is $2.15 per $1,000, down from $2.60 per $1,000. Though Newport proposed a lower rate, because of increased property valuations this year, the city is expected to bring in more money and taxpayers may still see a higher tax bill.The 2023 rates:Real property: $2.60 per $1,000Revenue generated: $2,580,367 Personal property tax: $2.74 per $1,000Re…