Newport, Rhode Island Property Taxes
The median property tax rate in Newport, RI is 0.99%, aligning with the national median but significantly lower than the Rhode Island state median of 1.48%. With a median home value of $506,300 in Newport, the typical annual property tax bill amounts to $5,026, far exceeding the national median of $2,690. Property taxes in Newport are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Newport’s property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Newport or elsewhere in the county, understanding the local property tax system can greatly benefit homeowners and real estate investors.
Last Updated June 14, 2024
Newport, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$5,012
$4,651
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, Rhode Island
Property taxes in Newport, Rhode Island, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02840 has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Newport 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 Newport Tax Rate
0.99%
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 Newport, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02840 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Rhode Island
In Newport, 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 local assessment authorities 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 Newport, 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. The median home price in Newport is $506,300, with tax bills ranging from $3,783 at the 25th percentile to $10,677 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 02840, with a median bill of $5,026. Being aware of these valuation processes in Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newport Assessed Value
$506,300
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 Newport, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02840 | $276,800 | $380,300 | $506,300 | $698,000 | $1,076,320 |
Source: Ownwell
Property Tax Bills Across Newport, Rhode Island
In Newport, RI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the city's tax assessor and reflects the market value of the property. Homeowners in Newport face a median tax bill of $5,026, which is significantly higher than the national median property tax rate of 0.99%. This discrepancy can be attributed to the relatively high median home price of $506,300 in Newport. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, tax bills in the 25th percentile are around $3,783, while those in the 75th percentile can reach up to $6,924. The highest tax bills, in the 90th percentile, soar to $10,677. These figures highlight the variability in tax burdens among homeowners, depending on their property's assessed value and eligibility for any tax relief programs. Understanding these factors can help homeowners better anticipate their annual tax obligations.
Average Newport Tax Bill
$5,026
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 Newport, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02840 | $2,754 | $3,783 | $5,026 | $6,924 | $10,677 |
Source: Ownwell