Map shows Providence properties receive $12M in tax breaks
PROVIDENCE, R.I. (AP) — A map shows dozens of Providence businesses are collectively receiving nearly $12 million in tax breaks under the city’s tax-stabilization agreements.
WPRI reports that while many in Providence have been reeling from Mayor Jorge Elorza’s 2017 proposal for standardized special tax deals, several businesses have received a massive break.
WPRI’s analysis of the city’s tax data shows the property owners with special tax deals are slated to pay $10.7 million this year on $630 million worth of property.
This is less than half the regular commercial tax rate paid by business owners without the tax agreements.
The deals are issued to business owners who have agreed to either build or renovate properties and create jobs in the process.
Elorza has approved nearly 50 deals since taking office in 2015.