Richmond, Rhode Island Property Taxes
The median property tax rate in Richmond, RI is 1.48%, considerably higher than both the national median of 0.99% and on par with the Rhode Island state median of 1.48%. With the median home value in Richmond at $340,200, the typical annual property tax bill reaches $5,021, significantly exceeding the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$5,035
Ownwell’s Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Richmond, Rhode Island
Property taxes in Richmond, 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 Richmond is 1.48%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02892 has the highest median property tax rate of 1.48%, while the zip code 02836 has the lowest median tax rate of 1.48%. Understanding how these areas compare with Richmond 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 Richmond Tax Rate
1.48%
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 Richmond, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02812 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
| 02836 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
| 02892 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
| 02898 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Rhode Island
In Richmond, 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 Washington 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 Richmond, 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 median home price in Richmond is $340,200. The highest median tax bill is $5,944 in zip code 02812, while the lowest median tax bill is $3,516 in zip code 02892. 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 Richmond, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Richmond Assessed Value
$340,200
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 Richmond, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02812 | $386,550 | $392,625 | $402,750 | $412,875 | $418,950 |
| 02836 | $248,800 | $248,800 | $248,800 | $248,800 | $248,800 |
| 02892 | $130,800 | $155,050 | $238,200 | $598,150 | $632,300 |
| 02898 | $341,200 | $341,200 | $341,200 | $341,200 | $341,200 |
Source: Ownwell
Property Tax Bills Across Richmond, Rhode Island
In Richmond, RI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the city's tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or additions made to the property. For homeowners in Richmond, the tax bill can vary significantly. For instance, the 25th percentile tax bill is around $2,344, while the 75th percentile tax bill can reach up to $8,634, and the 90th percentile tax bill is approximately $9,325. Comparatively, the median home price in Richmond is $340,200. These property taxes can impact homeowners by affecting their monthly mortgage payments and overall housing affordability. Additionally, the highest median tax bill in the area is found in zip code 02812, at $5,944, whereas the lowest median tax bill is in zip code 02892, at $3,516. Understanding these tax implications is crucial for homeowners when budgeting and planning for future financial commitments.
Average Richmond Tax Bill
$5,021
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 Richmond, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02812 | $5,706 | $5,795 | $5,944 | $6,094 | $6,183 |
| 02836 | $3,672 | $3,672 | $3,672 | $3,672 | $3,672 |
| 02892 | $1,931 | $2,288 | $3,516 | $8,828 | $9,333 |
| 02898 | $5,036 | $5,036 | $5,036 | $5,036 | $5,036 |
Source: Ownwell