Westerly, Rhode Island Property Taxes
The median property tax rate in Westerly, RI is 0.96%, slightly lower than the national median of 0.99% but significantly below the Rhode Island state median of 1.48%. With a median home value of $383,300 in Westerly, the typical annual property tax bill reaches $3,799, well above the national median of $2,690. Property taxes in Westerly are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural land. Understanding Westerly'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 Westerly 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
Westerly, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$3,680
Ownwell’s Westerly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westerly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westerly 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 Westerly, Rhode Island
Property taxes in Westerly, Rhode Island, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westerly is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Westerly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westerly 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 Westerly's effective property tax rate to other areas and the national median. For comparison, the zip code 02891 has both the highest and lowest median property tax rate of 0.96%, reflecting a uniform rate across the area. Understanding how these rates compare with Westerly 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 Westerly Tax Rate
0.96%
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 Westerly, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02891 | 0.96% | 0.96% | 0.96% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Westerly, Rhode Island
In Westerly, 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 local authorities 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 Westerly, 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. For instance, Westerly's median home price is $383,300, with tax bills ranging from $2,935 at the 25th percentile to $10,986 at the 90th percentile. The zip code 02891 has both the highest and lowest median tax bill at $3,799. 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 Westerly, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Westerly Assessed Value
$383,300
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 Westerly, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02891 | $243,410 | $293,175 | $383,300 | $611,925 | $1,125,400 |
Source: Ownwell
Property Tax Bills Across Westerly, Rhode Island
In Westerly, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to compute the annual tax bill. Factors such as property size, location, and market conditions play a crucial role in determining the assessed value. For instance, the median home price in Westerly is $383,300. Homeowners in Westerly can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is approximately $2,935, while at the 75th percentile, it is around $5,954. Those at the 90th percentile might see tax bills as high as $10,986. The median tax bill in the area is $3,799, which is higher than the national median property tax rate of 0.99%. These property taxes directly affect homeowners by influencing their annual expenses and potentially impacting their decisions regarding home ownership and investment.
Average Westerly Tax Bill
$3,799
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 Westerly, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02891 | $2,438 | $2,935 | $3,799 | $5,954 | $10,986 |
Source: Ownwell