Wyoming, Rhode Island Property Taxes
The median property tax rate in Wyoming, RI is 1.48%, significantly higher than the national median of 0.99%. With the median home value in Wyoming at $374,600, the typical annual property tax bill reaches $5,529, far exceeding the national median of $2,690. Property taxes in Wyoming are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wyoming'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 Wyoming or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wyoming, 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 Wyoming Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wyoming with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wyoming 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 Wyoming, Rhode Island
Property taxes in Wyoming, Rhode Island, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Wyoming is 1.48%, significantly higher than both the Rhode Island state median and the U.S. national median of 0.99%. Local government entities within Wyoming set these rates annually, and they can vary substantially across different neighborhoods. Each year, Wyoming 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 Wyoming's effective property tax rate to other counties in Rhode Island and the national median. For comparison, the zip code 02898 has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Wyoming provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wyoming Tax Rate
1.48%
Average Washington County Tax Rate
1.10%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wyoming, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02898 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Wyoming, Rhode Island
In Wyoming, 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 Washington 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 Wyoming, 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 Wyoming helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Wyoming is $5529, while the lowest is also $5529, both in zip code 02898.
Property Tax Assessment Values Across Wyoming, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Wyoming Assessed Value
$374,600
Average Washington County Assessed Value
$428,800
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wyoming, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02898 | $268,160 | $309,200 | $374,600 | $452,400 | $557,240 |
Source: Ownwell
Property Tax Bills Across Wyoming, Rhode Island
In Wyoming, Washington County, RI, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $374,600, homeowners can expect varying tax bills. The tax bill at the 25th percentile is around $4,564, while at the 75th percentile, it rises to approximately $6,672. At the 90th percentile, homeowners may face a tax bill of about $8,225. These figures show how the tax burden can vary significantly based on property value and location within the city. Comparatively, the national median property tax rate is 0.99%, highlighting that Wyoming's rates can be considerably higher, impacting homeowners' finances more substantially. Understanding these factors can help residents anticipate their tax obligations and plan accordingly.
Average Wyoming Tax Bill
$5,529
Average Washington County Tax Bill
$4,838
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Wyoming, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02898 | $3,958 | $4,564 | $5,529 | $6,672 | $8,225 |
Source: Ownwell