Smithfield, Rhode Island Property Taxes
The median property tax rate in Smithfield, RI is 1.37%, which is higher than the national median of 0.99% but slightly below the Rhode Island state median of 1.48%. With a median home value of $357,700, the typical annual property tax bill in Smithfield amounts to $4,915, significantly surpassing the national median of $2,690. Property taxes in Smithfield are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Smithfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Smithfield or elsewhere in Providence County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithfield, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$4,900
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Rhode Island
Property taxes in Smithfield, Rhode Island, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 1.37%, significantly higher than both the Rhode Island state median and the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02917 has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these figures compare with Smithfield 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 Smithfield Tax Rate
1.37%
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 Smithfield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02917 | 1.37% | 1.37% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Rhode Island
In Smithfield, 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 Smithfield, 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. The median home price in Smithfield is $357,700, with tax bills ranging from $3,970 at the 25th percentile to $7,880 at the 90th percentile. The highest and lowest median tax bills both stand at $4,915 in zip code 02917. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Smithfield, Rhode Island
Source: Ownwell
$51,600
$324,300
$597,000
Average Smithfield Assessed Value
$357,700
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 Smithfield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02917 | $228,400 | $288,600 | $357,700 | $447,050 | $572,580 |
Source: Ownwell
Property Tax Bills Across Smithfield, Rhode Island
In Smithfield, Providence County, 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 property tax rate to calculate the annual tax bill. The median home price in Smithfield is $357,700, which gives homeowners an idea of the typical property value in the area. Several factors influence the tax bill, including the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. For example, the tax bill for the 25th percentile is around $3,970, while for the 75th percentile, it reaches approximately $6,150. At the 90th percentile, the tax bill can be as high as $7,880. These property taxes can significantly impact homeowners, affecting their overall housing costs and financial planning. With the national median property tax rate at 0.99%, understanding these local variations is crucial for homeowners in Smithfield to manage their expenses effectively.
Average Smithfield Tax Bill
$4,915
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 Smithfield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02917 | $3,137 | $3,970 | $4,915 | $6,150 | $7,880 |
Source: Ownwell