Narragansett, Rhode Island Property Taxes
The median property tax rate in Narragansett, RI is 0.93%, slightly below the national median of 0.99% and significantly lower than the Rhode Island state median of 1.48%. With a median home value of $474,400 in Narragansett, the typical annual property tax bill is $4,417, which is well above the national median of $2,690. Property taxes in Narragansett are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Narragansett’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 Narragansett or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Narragansett, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$4,412
Ownwell’s Narragansett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Narragansett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Narragansett 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 Narragansett, Rhode Island
Property taxes in Narragansett, Rhode Island, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Narragansett is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Narragansett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Narragansett 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 Narragansett's effective property tax rate to other areas in Washington County and the national median. For comparison, the zip code 02882 has the highest median property tax rate of 0.93%, while zip code 02879 has the lowest median tax rate of 0.93%. Understanding how these cities compare with Narragansett provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Narragansett Tax Rate
0.93%
Average Washington County Tax Rate
1.10%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Narragansett, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02879 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
| 02882 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Narragansett, Rhode Island
In Narragansett, 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 local 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 Narragansett, 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 zip code with the highest median tax bill is 02879 at $7,009, while 02882 has the lowest at $4,412. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Narragansett, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Narragansett Assessed Value
$474,400
Average Washington County Assessed Value
$428,800
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Narragansett, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02879 | $403,300 | $453,350 | $752,850 | $937,400 | $1,257,760 |
| 02882 | $157,900 | $350,150 | $473,900 | $642,050 | $958,020 |
Source: Ownwell
Property Tax Bills Across Narragansett, Rhode Island
In Narragansett, located in Washington County, RI, property tax bills are calculated based on the assessed value of a home. The median home price in this area stands at $474,400. Local tax authorities determine the assessed value, which is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as the property's size, location, and any improvements made can influence the assessed value. Homeowners in Narragansett can expect varying tax bills depending on their property's value. For example, those in the 25th percentile might pay around $3,266 annually, while those in the 75th percentile could see bills as high as $6,002. The 90th percentile tax bill can reach up to $8,956. Comparatively, the highest median tax bill in the area, found in zip code 02879, is $7,009, whereas the lowest median tax bill, in zip code 02882, is $4,412. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Narragansett Tax Bill
$4,417
Average Washington County Tax Bill
$4,838
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Narragansett, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02879 | $3,754 | $4,221 | $7,009 | $8,727 | $11,709 |
| 02882 | $1,470 | $3,260 | $4,412 | $5,978 | $8,921 |
Source: Ownwell