Chepachet, Rhode Island Property Taxes
The median property tax rate in Chepachet, RI is 1.43%, which is 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 Chepachet at $375,600, the typical annual property tax bill reaches $5,383, exceeding the national median of $2,690. Property taxes in Chepachet 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 Chepachet'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 Chepachet 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
Chepachet, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$5,371
Ownwell’s Chepachet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chepachet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chepachet 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 Chepachet, Rhode Island
Property taxes in Chepachet, 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 Chepachet is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chepachet set these rates annually, and they can vary across different neighborhoods. Each year, Chepachet 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 Chepachet's effective property tax rate to other areas in Providence County and the national median. For comparison, the zip code 02814 has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these figures compare with Chepachet provides valuable insights into the varying tax landscape across Providence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chepachet Tax Rate
1.43%
Average Providence County Tax Rate
1.71%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chepachet, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02814 | 1.42% | 1.42% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Chepachet, Rhode Island
In Chepachet, 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 Providence 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 Chepachet, 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 Chepachet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Chepachet are both $5,383, found in the 02814 zip code.
Average Chepachet Assessed Value
$375,600
Average Providence County Assessed Value
$293,200
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chepachet, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02814 | $197,150 | $295,925 | $375,600 | $479,175 | $614,350 |
Source: Ownwell
Property Tax Bills Across Chepachet, Rhode Island
In Chepachet, located in Providence County, RI, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate various factors such as the property's size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $375,600, homeowners in Chepachet can expect tax bills that range significantly. At the 25th percentile, tax bills are around $4,218, while they can go up to $6,941 at the 75th percentile, and even reach $8,962 at the 90th percentile. This variation reflects differences in property values and specific assessments. Comparatively, the national median property tax rate is 0.99%, but Chepachet's property taxes can be higher, impacting homeowners by increasing their annual housing costs. Understanding these factors helps homeowners plan for their financial obligations and assess the true cost of owning property in Chepachet.
Average Chepachet Tax Bill
$5,383
Average Providence County Tax Bill
$4,934
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Chepachet, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02814 | $2,817 | $4,218 | $5,383 | $6,941 | $8,962 |
Source: Ownwell