Portsmouth, Rhode Island Property Taxes
The median property tax rate in Portsmouth, RI is 1.28%, considerably higher than the national median of 0.99% but lower than the Rhode Island state median of 1.48%. With the median home value in Portsmouth at $469,800, the typical annual property tax bill reaches $6,008, far exceeding the national median of $2,690. Property taxes in Portsmouth 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 Portsmouth'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 Portsmouth 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
Portsmouth, 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 Portsmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portsmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portsmouth 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 Portsmouth, Rhode Island
Property taxes in Portsmouth, 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 Portsmouth is 1.28%, higher than the U.S. national median of 0.99%. Local government entities within Portsmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portsmouth 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 Portsmouth's effective property tax rate to other areas and the national median. For comparison, the 02871 zip code has the highest median property tax rate of 1.28%, while the 02871 zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Portsmouth 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 Portsmouth 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 Portsmouth, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02871 | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Portsmouth, Rhode Island
In Portsmouth, 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 Newport County Tax Assessor 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 Portsmouth, 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 Portsmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $6,008 in the 02871 zip code, while the lowest median tax bill is also $6,008 in the same zip code.
Property Tax Assessment Values Across Portsmouth, Rhode Island
Source: Ownwell
$256,350
$487,675
$719,000
Average Portsmouth Assessed Value
$469,800
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 Portsmouth, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02871 | $259,400 | $358,600 | $469,800 | $655,800 | $875,680 |
Source: Ownwell
Property Tax Bills Across Portsmouth, Rhode Island
In Portsmouth, RI, 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 calculate the annual property tax bill. The median home price in Portsmouth is $469,800, which influences the tax bill significantly. Homeowners in Portsmouth can expect a tax bill ranging from $4,585 at the 25th percentile to $11,193 at the 90th percentile. The median tax bill stands at $6,008, which is higher than the national median property tax rate of 0.99%. Several factors are considered in determining the assessed value, including the property's market value, location, and any improvements made to the property. High property taxes can impact homeowners by increasing their annual expenses, but they also contribute to public services and infrastructure, enhancing the quality of life in Portsmouth.
Average Portsmouth Tax Bill
$6,008
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 Portsmouth, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02871 | $3,318 | $4,585 | $6,008 | $8,384 | $11,193 |
Source: Ownwell