Bristol, Rhode Island Property Taxes
The median property tax rate in Bristol, RI is 1.34%, 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 Bristol at $373,900, the typical annual property tax bill reaches $4,995, exceeding the national median of $2,690. Property taxes in Bristol 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 Bristol'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 Bristol 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
Bristol, Rhode Island Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$2,960
Ownwell’s Bristol Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bristol with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bristol 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 Bristol, Rhode Island
Property taxes in Bristol, 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 Bristol is 1.34%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary across different neighborhoods. Each year, Bristol 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 Bristol's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02809 has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these areas compare with Bristol provides valuable insights into the varying tax landscape across Bristol County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bristol Tax Rate
1.34%
Average Bristol County Tax Rate
1.37%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bristol, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02809 | 1.34% | 1.34% | 1.34% | 1.34% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Bristol, Rhode Island
In Bristol, 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 Bristol, 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 Bristol helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Interestingly, the zip code 02809 has both the highest and lowest median tax bills, each at $4,995. This figure is notably higher than the national median property tax rate of 0.99%, highlighting the importance of being proactive in managing property taxes.
Average Bristol Assessed Value
$373,900
Average Bristol County Assessed Value
$394,000
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bristol, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02809 | $266,900 | $312,200 | $373,900 | $475,700 | $620,180 |
Source: Ownwell
Property Tax Bills Across Bristol, Rhode Island
In Bristol, RI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value, reflecting the worth of the property in the current real estate market. Once the assessed value is established, the local tax rate, or mill rate, is applied to calculate the annual property tax bill. Homeowners in Bristol can expect a range of tax bills depending on the value of their property. For instance, the 25th percentile tax bill is around $4,171, while the 75th percentile reaches up to $6,355. For those with higher-value homes, the 90th percentile tax bill can be as high as $8,285. The median home price in Bristol is $373,900, influencing these tax amounts. Compared to the national median property tax rate of 0.99%, Bristol's tax rates reflect the local government's funding needs and property values, impacting homeowners by contributing to community services like schools, infrastructure, and emergency services.
Average Bristol Tax Bill
$4,995
Average Bristol County Tax Bill
$6,020
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Bristol, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02809 | $3,566 | $4,171 | $4,995 | $6,355 | $8,285 |
Source: Ownwell