Newport City Council Approves Residential Property Tax Rate Adjustment for Fiscal 2027, Affecting Annual Household Payments

The Newport City Council on July 7 approved an ordinance adjusting the residential property tax rate to 1.12 percent of assessed value for the 2027 fiscal year. The change applies to approximately 31,400 taxable residential parcels and replaces the prior rate of 1.18 percent.

The adjustment occurs as the city prepares its annual budget amid updated property assessments completed in March 2026 by the assessor’s office. Council documents show the rate change is intended to offset a 4.2 percent average rise in assessed values recorded for single-family homes.

Impact on Monthly Household Costs

For a home assessed at the city median of $312,000, the new rate produces an annual tax bill of $3,494.40. This figure is $187.20 lower than the amount calculated under the previous rate on the same assessment. Local payment records indicate most owners divide the bill into 12 monthly installments through the tax collector’s office.

The reduction translates to an average monthly difference of $15.60 per household. Multi-unit buildings with four or fewer units receive the same rate, which covers an additional 2,800 properties according to the July 7 meeting packet.

Budget Figures and Implementation Timeline

City budget documents project the rate adjustment will reduce total residential tax collections by $5.9 million compared with the amount that would have been raised at the prior rate. The council funded the difference through reserves allocated in the capital improvement plan adopted last December.

The ordinance takes effect on July 1, 2027. The tax collector’s office will mail revised bills in June 2027, and online payment portals will reflect the new rate by that date. Residents may request payment plan adjustments beginning in May 2027 through the finance department.