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Committee approves 10-year tax agreement with Providence Water Supply Board
Summary
The Providence Committee on Finance voted to approve a 10‑year tax agreement between the city and the Providence Water Supply Board that sets a lowered initial valuation and caps annual tax increases at 4 percent.
The Providence Committee on Finance voted to approve a 10‑year tax agreement between the city and the Providence Water Supply Board, the city-run water utility, after receiving a presentation on how the agreement would set an initial valuation base and the effect on annual tax payments.
City staff and the water board representative told the committee the proposed agreement would begin from a valuation base of $18,600,000 and allow…
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