Middletown, Rhode Island Property Taxes
The median property tax rate in Middletown, RI is 1.26%, which is significantly higher than the national median of 0.99% but lower than the Rhode Island state median of 1.48%. With a median home value of $410,000 in Middletown, the typical annual property tax bill reaches $5,167, surpassing the national median of $2,690. Property taxes in Middletown are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Middletown'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 Middletown 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
Middletown, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$5,166
$4,794
Ownwell’s Middletown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Middletown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Middletown 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 Middletown, Rhode Island
Property taxes in Middletown, 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 Middletown is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Middletown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middletown 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 Middletown's effective property tax rate to other counties in Rhode Island and the national median. For comparison, the 02842 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Middletown 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 Middletown Tax Rate
1.26%
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 Middletown, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02842 | 1.26% | 1.26% | 1.26% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Middletown, Rhode Island
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Middletown, 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 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. 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 Middletown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Middletown is 02842, with a median tax bill of $5,167.
Property Tax Assessment Values Across Middletown, Rhode Island
Source: Ownwell
$256,350
$487,675
$719,000
Average Middletown Assessed Value
$410,000
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 Middletown, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02842 | $272,380 | $330,500 | $410,000 | $548,400 | $760,560 |
Source: Ownwell
Property Tax Bills Across Middletown, Rhode Island
In Middletown, Newport County, RI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. For example, with a median home price of $410,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $4,162, while at the 75th percentile, it rises to approximately $6,921. At the 90th percentile, homeowners might see tax bills as high as $9,607. These figures highlight the impact of property taxes on homeowners, especially when compared to the national median property tax rate of 0.99%. In Middletown, the median tax bill stands at $5,167, which is consistent across the 02842 zip code. This higher-than-average property tax rate can significantly affect homeowners' annual expenses, making it crucial to understand and manage property tax obligations effectively.
Average Middletown Tax Bill
$5,167
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 Middletown, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02842 | $3,429 | $4,162 | $5,167 | $6,921 | $9,607 |
Source: Ownwell