Jamestown, Rhode Island Property Taxes
The median property tax rate in Jamestown, RI is 0.70%, considerably lower than both the national median of 0.99% and the Rhode Island state median of 1.48%. With the median home value in Jamestown at $719,000, the typical annual property tax bill reaches $5,019, which exceeds the national median of $2,690. Property taxes in Jamestown 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 Jamestown'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 Jamestown 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
Jamestown, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$5,033
Ownwell’s Jamestown Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jamestown to provide an estimate of 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 Jamestown, Rhode Island
Property taxes in Jamestown, Rhode Island, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Jamestown is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Jamestown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jamestown 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 Jamestown's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02835 has both the highest and lowest median property tax rate of 0.70%. Understanding how these areas compare with Jamestown provides valuable insights into the varying tax landscape across Newport County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jamestown Tax Rate
0.70%
Average Newport County Tax Rate
1.26%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jamestown, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02835 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Jamestown, Rhode Island
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jamestown, Rhode Island. 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 Jamestown, 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 Jamestown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 02835, with a median tax bill of $5,019.
Property Tax Assessment Values Across Jamestown, Rhode Island
Source: Ownwell
$256,350
$487,675
$719,000
Average Jamestown Assessed Value
$719,000
Average Newport County Assessed Value
$457,350
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jamestown, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02835 | $443,500 | $540,600 | $719,000 | $1,093,500 | $2,050,400 |
Source: Ownwell
Property Tax Bills Across Jamestown, Rhode Island
In Jamestown, located in Newport County, RI, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is determined by the local tax assessor and reflects the property's market value. Several factors influence this assessed value, including the home's location, size, and condition, as well as recent sales of comparable properties in the area. Homeowners in Jamestown experience varying tax bills based on their property's assessed value. For instance, the tax bill at the 25th percentile is approximately $3,773, while at the 75th percentile, it rises to about $7,633. At the 90th percentile, homeowners might see tax bills as high as $14,312. The median home price in Jamestown is $719,000, significantly higher than many areas, leading to higher property tax bills. Compared to the national median property tax rate of 0.99%, Jamestown's property tax rate contributes to these relatively high tax bills, impacting homeowners by requiring a substantial annual financial commitment.
Average Jamestown Tax Bill
$5,019
Average Newport County Tax Bill
$5,041
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Jamestown, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02835 | $3,096 | $3,773 | $5,019 | $7,633 | $14,312 |
Source: Ownwell