Bristol, Rhode Island Property Taxes
The median property tax rate in Bristol, RI is 1.28%, 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 $385,200, the typical annual property tax bill reaches $4,923, 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 1.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary significantly 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 counties in Rhode Island and the national median. For comparison, the 02809 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Bristol provides valuable insights into the varying tax landscape across Newport County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bristol Tax Rate
1.28%
Average Newport County Tax Rate
1.26%
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 | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% |
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 the local assessment authority 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. For instance, the highest and lowest median tax bills in Bristol are both $4,923, with zip code 02809 being the focal point.
Average Bristol Assessed Value
$385,200
Average Newport County Assessed Value
$457,350
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 | $385,200 | $385,200 | $385,200 | $385,200 | $385,200 |
Source: Ownwell
Property Tax Bills Across Bristol, Rhode Island
In Bristol, 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 local government and reflects the market value of the property. For instance, with a median home price of $385,200, the property tax rate in Bristol is applied to this assessed value to determine the tax bill. The median property tax bill in Bristol is $4,923, which is significantly higher than the national median property tax rate of 0.99%. Several factors contribute to the final tax bill, including the property's size, location, and any improvements made. This tax bill can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. For those in the 25th to 90th percentile, the tax bill remains consistent at $4,923, indicating a stable tax rate across different property values. This consistency provides some predictability for homeowners, helping them plan their finances more effectively.
Average Bristol Tax Bill
$4,923
Average Newport County Tax Bill
$5,041
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 | $4,923 | $4,923 | $4,923 | $4,923 | $4,923 |
Source: Ownwell