Hope, Rhode Island Property Taxes
The median property tax rate in Hope, RI is 1.53%, significantly higher than both the national median of 0.99% and the Rhode Island state median of 1.48%. With the median home value in Hope at $467,100, the typical annual property tax bill reaches $7,161, far exceeding the national median of $2,690. Property taxes in Hope are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hope's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hope or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hope, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$7,147
Ownwell’s HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOPE to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hope, Rhode Island
Property taxes in Hope, Rhode Island, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 1.53%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary across different neighborhoods. Each year, Hope estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Hope's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02831 has both the highest and lowest median property tax rate of 1.53%. Understanding how these areas compare with Hope provides valuable insights into the varying tax landscape across Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
1.53%
Average Kent County Tax Rate
1.42%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02831 | 1.53% | 1.53% | 1.53% | 1.53% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Rhode Island
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hope, Rhode Island. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Kent County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Hope, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Hope is $467,100, with tax bills ranging from $6,409 at the 25th percentile to $8,652 at the 90th percentile. The zip code 02831 has the highest median tax bill at $7,161. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hope Assessed Value
$467,100
Average Kent County Assessed Value
$303,600
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02831 | $366,520 | $418,050 | $467,100 | $516,900 | $564,400 |
Source: Ownwell
Property Tax Bills Across Hope, Rhode Island
In Hope, Kent County, RI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Hope can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $6,409, while at the 75th percentile, it rises to $7,924, and at the 90th percentile, it reaches $8,652. The median home price in Hope is $467,100, which, when compared to the national median property tax rate of 0.99%, indicates that local tax rates are relatively high. This can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting their decisions about buying or selling property. The highest and lowest median tax bills in Hope are both $7,161, reflecting a consistent tax rate across different areas within the city.
Average Hope Tax Bill
$7,161
Average Kent County Tax Bill
$4,657
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02831 | $5,619 | $6,409 | $7,161 | $7,924 | $8,652 |
Source: Ownwell