Rumford, Rhode Island Property Taxes
The median property tax rate in Rumford, RI is 1.48%, considerably higher than the national median of 0.99%. With the median home value in Rumford at $362,800, the typical annual property tax bill reaches $5,355, far exceeding the national median of $2,690. Property taxes in Rumford are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Rumford'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 Rumford or another part of Providence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rumford, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$5,369
Ownwell’s Rumford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rumford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rumford 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 Rumford, Rhode Island
Property taxes in Rumford, Rhode Island, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rumford is 1.48%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rumford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rumford 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 Rumford's effective property tax rate to other areas and the national median. For comparison, the zip code 02916 has the highest median property tax rate of 1.48%, which is also the lowest median tax rate in the area. Understanding how these figures compare with Rumford 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 Rumford Tax Rate
1.48%
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 Rumford, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02916 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Rumford, Rhode Island
In Rumford, 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 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 Rumford, 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. For instance, the median home price in Rumford is $362,800, with tax bills ranging from $4,564 at the 25th percentile to $7,612 at the 90th percentile. Notably, the highest and lowest median tax bills both stand at $5,355 in the 02916 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rumford Assessed Value
$362,800
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 Rumford, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02916 | $267,100 | $309,075 | $362,800 | $436,200 | $515,720 |
Source: Ownwell
Property Tax Bills Across Rumford, Rhode Island
In Rumford, located in Providence County, RI, 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 city’s assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $362,800, homeowners in Rumford can expect to pay a significant amount in property taxes. The tax bill varies, with the 25th percentile at $4,564 and the 75th percentile reaching $6,438. At the 90th percentile, homeowners might see bills as high as $7,612. The highest and lowest median tax bills in the area are both recorded at $5,355 in the 02916 zip code. This system ensures that property taxes are proportionate to the value of the home, which can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%.
Average Rumford Tax Bill
$5,355
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 Rumford, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02916 | $3,945 | $4,564 | $5,355 | $6,438 | $7,612 |
Source: Ownwell