East Providence officials: City's tax rates for 2014 will boost revenues by 2.4 percent

EAST PROVIDENCE, R.I. -- The city has announced its new tax rates for the 2014 fiscal year that begins in July, rates that officials say will increase tax revenues by 2.4 percent.

The new individual rates of $22.78 per $1,000 of assessed valuation on residential property, and $25.21 per $1,000 on commercial property are both 9.1 percent higher than the current year rates. But officials say the sharp increases will be offset, in most cases, by a general decline in assessed valuations as reflected by the city's 2012 revaluation.

There will continue to be a homestead exemption for owners of one, two and three-family homes who live on the property, however the exemption this year will be 13.5 percent instead of 14 percent.