This Thursday, March 18 at 5 pm, the City Council is holding a workshop to discuss the options of implementing a homestead exemption in Newport. The goal of a homestead exemption is to prevent Newporters from being priced out of our community and make more year-round housing available. It is a tool that helps to build a strong year-round community and would give our City the flexibility it needs to alleviate the tax burden on residents while still providing necessary services.
I hear consistently from residents that are concerned Newport is becoming a city of second homes and short-term rentals. More and more homes in our neighborhoods sit empty for months out of the year – this shrinks our community and local economy and removes housing from the year-round market. Newport is valued as a tourist destination, but we cannot subsidize seasonal residences at the expense of our year-round residents.
During the workshop on Thursday, the Council has to discuss how we want to a homestead exemption to work specifically in Newport. There are many variables to how it can be implemented. Eligibility requirements are one important factor; our year-round residents are both homeowners and renters. We need to develop a homestead exemption that does not make it harder to rent in Newport. The application process is another aspect; there are staffing, timeline, and access questions that will need to be answered. The Council needs to consider these and other factors to create a policy that will benefit all Newporters.
The process of implementing a homestead exemption will not take place overnight. There are logistics that need to be worked out, from a housing demographic survey to the application process to City staffing to maintain the exemption. This is complex policy, and the Council needs to actively work to get our questions answered and make progress. I will push for continued movement on this goal and keep you updated throughout.