PROVIDENCE, R.I. -- When a bank takes over a foreclosed property, it currently receives the same 15 percent discount on real estate taxes that landlords receive.
City Councilman John Igliozzi wants to strip the banks of that benefit, and says it could give Providence as much as $500,000 in additional annual revenue.
Igliozzi also proposes changing how Providence penalizes homeowners who pay taxes late. Residents who are late on their first quarterly installment get 12-percent interest applied to the remaining unpaid balance.
The councilman wants to charge interest only for the late quarters, and not the total bill. The city would lose revenue with this change, but Igliozzi didn't know how much Monday morning.
Both changes will be vetted by the council's Ways and Means Committee.