Woonsocket, Rhode Island Property Taxes
The median property tax rate in Woonsocket, RI is 1.40%, which is considerably higher than the national median of 0.99% but slightly lower than the Rhode Island state median of 1.48%. With the median home value in Woonsocket at $270,700, the typical annual property tax bill reaches $3,784, exceeding the national median of $2,690. Property taxes in Woonsocket 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 Woonsocket'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 Woonsocket 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
Woonsocket, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$3,790
Ownwell’s Woonsocket Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Woonsocket with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Woonsocket to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in neighborhood-specific trends, additional localized information is available below. Your property’s assessed value is determined by Providence County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Woonsocket, Rhode Island
Property taxes in Woonsocket, Rhode Island, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Woonsocket is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Woonsocket set these rates annually, and they can vary across different neighborhoods. Each year, Woonsocket 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 Woonsocket's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02895 has both the highest and lowest median property tax rate of 1.40%. Understanding how these areas compare with Woonsocket 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 Woonsocket Tax Rate
1.40%
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 Woonsocket, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02895 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Woonsocket, Rhode Island
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Woonsocket, Rhode Island. 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 Woonsocket, 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. The median home price in Woonsocket is $270,700, with tax bills ranging from $3,352 at the 25th percentile to $5,097 at the 90th percentile. The zip code 02895 has the highest and lowest median tax bill at $3,784. 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 Woonsocket helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Woonsocket, Rhode Island
Source: Ownwell
$51,600
$324,300
$597,000
Average Woonsocket Assessed Value
$270,700
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 Woonsocket, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02895 | $203,200 | $239,800 | $270,700 | $311,700 | $364,870 |
Source: Ownwell
Property Tax Bills Across Woonsocket, Rhode Island
In Woonsocket, 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 city's assessor and reflects the property's market value. For homeowners in Woonsocket, the median home price is $270,700. The tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and condition, as well as any exemptions the homeowner may qualify for. In Woonsocket, the typical tax bill ranges significantly, with the 25th percentile at $3,352 and the 75th percentile at $4,355. For those at the 90th percentile, the tax bill can reach up to $5,097. The median tax bill in the 02895 zip code stands at $3,784, which can be compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Woonsocket Tax Bill
$3,784
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 Woonsocket, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02895 | $2,839 | $3,352 | $3,784 | $4,355 | $5,097 |
Source: Ownwell