Cranston, Rhode Island Property Taxes
The median property tax rate in Cranston, RI is 1.83%, 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 Cranston at $217,800, the typical annual property tax bill reaches $3,990, exceeding the national median of $2,690. Property taxes in Cranston 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 Cranston'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 Cranston 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
Cranston, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.83%
Estimate Property Tax Bill
$3,986
Ownwell’s Cranston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cranston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cranston 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 Cranston, Rhode Island
Property taxes in Cranston, Rhode Island, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Cranston is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities in Cranston set these rates annually, and they can vary across different neighborhoods. Each year, Cranston estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 Cranston's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02921 has the same median property tax rate of 1.83%. Understanding how these areas compare with Cranston provides valuable insights into the varying tax landscape across Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cranston Tax Rate
1.83%
Average Kent County Tax Rate
1.42%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cranston, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02921 | 1.83% | 1.83% | 1.83% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Cranston, Rhode Island
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cranston, Rhode Island. The market value represents 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 Kent 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 Cranston, 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 Cranston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Cranston is $3,990, with the highest and lowest median tax bills both found in the 02921 zip code.
Average Cranston Assessed Value
$217,800
Average Kent County Assessed Value
$303,600
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cranston, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02921 | $217,800 | $217,800 | $217,800 | $217,800 | $217,800 |
Source: Ownwell
Property Tax Bills Across Cranston, Rhode Island
In Cranston, property tax bills are calculated based on the assessed value of a home, which is determined by the city’s tax assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. Homeowners in Cranston experience a consistent property tax bill across various percentiles, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $3,990. This uniformity indicates a stable tax structure within the city. Factors influencing the assessed value include the home's market value, location, and any improvements or modifications made to the property. Cranston's property tax rate is notably higher than the national median property tax rate of 0.99%, reflecting the region's need to fund local services and infrastructure. For homeowners, this means that property taxes can represent a significant portion of annual expenses, affecting overall affordability and cost of living in the area.
Average Cranston Tax Bill
$3,990
Average Kent County Tax Bill
$4,657
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Cranston, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02921 | $3,990 | $3,990 | $3,990 | $3,990 | $3,990 |
Source: Ownwell