North Smithfield, Rhode Island Property Taxes
The median property tax rate in North Smithfield, RI is 1.43%, 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 North Smithfield, the typical annual property tax bill reaches $4,997, exceeding the national median of $2,690. Property taxes in North Smithfield 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 North Smithfield'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 North Smithfield 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
North Smithfield, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$5,015
Ownwell’s North Smithfield Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes with just two simple data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in North Smithfield to provide an accurate estimate of your property tax bill. This valuable resource helps you grasp potential tax liabilities with ease. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across North Smithfield, Rhode Island
Property taxes in North Smithfield, Rhode Island, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Smithfield is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within North Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Smithfield 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 North Smithfield's effective property tax rate to other areas and the national median. For comparison, the zip code 02896 has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these values compare with North Smithfield 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 North Smithfield Tax Rate
1.43%
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 North Smithfield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02896 | 1.42% | 1.42% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across North Smithfield, Rhode Island
In NORTH SMITHFIELD, 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 NORTH SMITHFIELD, 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 NORTH SMITHFIELD helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 02896 has the highest median tax bill of $4997, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across North Smithfield, Rhode Island
Source: Ownwell
$51,600
$324,300
$597,000
Average North Smithfield Assessed Value
$350,700
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 North Smithfield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02896 | $251,360 | $293,400 | $350,700 | $430,638 | $524,400 |
Source: Ownwell
Property Tax Bills Across North Smithfield, Rhode Island
In North Smithfield, Providence 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 local tax assessor and reflects the market value of the property. This value is then multiplied by the tax rate to calculate the annual tax bill. For instance, with a median home price of $350,700, homeowners can expect varying tax bills depending on specific assessments and exemptions. The tax bill is influenced by several factors, including property size, location, and improvements. In North Smithfield, the tax bill for the 25th percentile is around $4,181, while the 75th percentile reaches $6,144. For those at the 90th percentile, it can go up to $7,515. The highest and lowest median tax bills in the area are both $4,997, indicating a relatively consistent tax burden across different neighborhoods. These property taxes significantly impact homeowners by contributing to local services and infrastructure, yet they also represent a considerable financial obligation.
Average North Smithfield Tax Bill
$4,997
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 North Smithfield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02896 | $3,585 | $4,181 | $4,997 | $6,144 | $7,515 |
Source: Ownwell