Harmony, Rhode Island Property Taxes
The median property tax rate in Harmony, RI is 1.42%, slightly lower than the Rhode Island state median of 1.48% but still considerably higher than the national median of 0.99%. With a median home value of $492,800 in Harmony, the typical annual property tax bill reaches $7,682, significantly exceeding the national median of $2,690. Property taxes in Harmony 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 Harmony'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 Harmony 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
Harmony, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$6,998
Ownwell’s Harmony Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Harmony with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harmony 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 Harmony, Rhode Island
Property taxes in Harmony, 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 Harmony is 1.42%, significantly higher than the national median of 0.99%. Local government entities within Harmony set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harmony 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 Harmony's effective property tax rate to other regions and the national median. For comparison, the zip code 02829 has the highest median property tax rate of 1.42%, while it also has the lowest median tax rate of 1.42%. Understanding how these cities compare with Harmony 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 Harmony Tax Rate
1.42%
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 Harmony, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02829 | 1.42% | 1.42% | 1.42% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Harmony, Rhode Island
In Harmony, 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 Harmony, 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 Harmony helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 02829 has both the highest and lowest median tax bill at $7,682, indicating a uniformity in the tax landscape within the area.
Average Harmony Assessed Value
$492,800
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 Harmony, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02829 | $402,060 | $446,150 | $492,800 | $579,400 | $690,080 |
Source: Ownwell
Property Tax Bills Across Harmony, Rhode Island
In Harmony, located in Providence County, RI, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by local assessors based on factors like the property's location, size, and condition. For example, if your home in Harmony is assessed at $492,800, and the local tax rate is applied, your tax bill will reflect this value. Homeowners in Harmony face varying tax bills depending on their property's assessed value. The 25th percentile tax bill is around $6,358, while the 75th percentile reaches $8,356. For those at the 90th percentile, the tax bill can soar to $9,833. Compared to the national median property tax rate of 0.99%, Harmony's rates can significantly impact household budgets. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan accordingly.
Average Harmony Tax Bill
$7,682
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 Harmony, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02829 | $5,730 | $6,358 | $7,682 | $8,356 | $9,833 |
Source: Ownwell