Little Compton, Rhode Island Property Taxes
The median property tax rate in Little Compton, RI is 0.50%, 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 Little Compton at $636,100, the typical annual property tax bill reaches $3,155, which exceeds the national median of $2,690. Property taxes in Little Compton 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 Little Compton'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 Little Compton 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
Little Compton, 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 Little Compton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Little Compton using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Compton to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Newport County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Little Compton, Rhode Island
Property taxes in Little Compton, Rhode Island, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Compton is 0.50%, significantly lower than both the Rhode Island state median and the U.S. national median of 0.99%. Local government entities within Little Compton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Compton 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 Little Compton's effective property tax rate to other areas in Newport County and the national median. For comparison, the 02837 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these figures compare with Little Compton 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 Little Compton Tax Rate
0.50%
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 Little Compton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02837 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Little Compton, Rhode Island
In Little Compton, 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 Newport 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 Little Compton, 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 the area is $636,100, with the 25th percentile tax bill at $2,314 and the 75th percentile tax bill at $5,064. The 90th percentile tax bill can reach up to $10,673. The zip code 02837 has both the highest and lowest median tax bill at $3,155. 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 Little Compton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Little Compton, Rhode Island
Source: Ownwell
$256,350
$487,675
$719,000
Average Little Compton Assessed Value
$636,100
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 Little Compton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02837 | $344,160 | $466,500 | $636,100 | $1,020,800 | $2,151,840 |
Source: Ownwell
Property Tax Bills Across Little Compton, Rhode Island
In Little Compton, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value, reflecting what the property might sell for under current market conditions. Various factors, including the property's size, location, and improvements, are considered to determine this value. Once the assessed value is established, the tax rate, set by local government authorities, is applied. In Newport County, where Little Compton is located, the median home price is $636,100. Property tax bills can vary significantly, with the 25th percentile paying around $2,314, while the 75th percentile sees bills of about $5,064. At the 90th percentile, homeowners might face tax bills up to $10,673. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in Little Compton must budget for these taxes, which can impact their overall cost of living and financial planning.
Average Little Compton Tax Bill
$3,155
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 Little Compton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02837 | $1,707 | $2,314 | $3,155 | $5,064 | $10,673 |
Source: Ownwell