Albion, Rhode Island Property Taxes
The median property tax rate in Albion, RI is 1.65%, considerably higher than both the national median of 0.99% and the Rhode Island state median of 1.48%. With the median home value in Albion, the typical annual property tax bill reaches $3,968, exceeding the national median of $2,690. Property taxes in Albion are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Albion's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Albion 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
Albion, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$3,970
Ownwell’s Albion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albion 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 Albion, Rhode Island
Property taxes in Albion, Rhode Island, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albion is 1.65%, significantly higher than the U.S. national median of 0.99%. Local government entities within Albion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albion 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 Albion's effective property tax rate to other areas in Providence County and the national median. For comparison, the zip code 02802 has both the highest and lowest median property tax rate of 1.65%. Understanding how these areas compare with Albion provides valuable insights into the varying tax landscape across Providence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albion Tax Rate
1.65%
Average Providence County Tax Rate
1.71%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albion, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02802 | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Albion, Rhode Island
In Albion, Rhode Island, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is 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 Providence 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 Albion, 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. Being aware of these valuation processes in Albion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,968, found in zip code 02802, which is also where the lowest median tax bill is recorded.
Average Albion Assessed Value
$240,600
Average Providence County Assessed Value
$293,200
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albion, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02802 | $192,800 | $213,900 | $240,600 | $261,900 | $275,430 |
Source: Ownwell
Property Tax Bills Across Albion, Rhode Island
In Albion, located in Providence County, RI, property tax bills are calculated based on the assessed value of your home, which is derived from the market value. The median home price in Albion is $240,600. To determine your tax bill, the city applies the local tax rate to your home's assessed value. The tax rate is influenced by local government budgets and needs, ensuring that essential services like schools, public safety, and infrastructure are adequately funded. Homeowners in Albion can expect tax bills to vary. For instance, the tax bill for the 25th percentile is $3,527, while the 75th percentile reaches $4,319. At the 90th percentile, bills can go up to $4,542. The highest and lowest median tax bills in the area are both $3,968, indicating a relatively narrow range of property tax variations. These property tax bills impact homeowners by influencing their overall cost of living and potentially affecting their homeownership affordability. Compared to the national median property tax rate of 0.99%, Albion's rates highlight the region's specific financial demands and priorities.
Average Albion Tax Bill
$3,968
Average Providence County Tax Bill
$4,934
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Albion, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02802 | $3,179 | $3,527 | $3,968 | $4,319 | $4,542 |
Source: Ownwell