Prudence Island, Rhode Island Property Taxes
The median property tax rate in Prudence Island, RI is 1.28%, which is 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 $256,350 in Prudence Island, the typical annual property tax bill amounts to $3,276, surpassing the national median of $2,690. Property taxes in Prudence Island are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence exemption. Navigating Prudence Island'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 Prudence Island or another part of Newport County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prudence Island, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$3,281
$3,045
Ownwell’s Prudence Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prudence Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prudence Island 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 Prudence Island, Rhode Island
Property taxes in Prudence Island, 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 Prudence Island is 1.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Prudence Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prudence Island 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 Prudence Island's effective property tax rate to other areas and the national median. For comparison, the zip code 02872 has both the highest and lowest median property tax rate of 1.28%. Understanding how these values compare with Prudence Island 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 Prudence Island Tax Rate
1.28%
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 Prudence Island, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02872 | 1.28% | 1.28% | 1.28% | 1.28% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Prudence Island, Rhode Island
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Prudence Island, 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. In Prudence Island, 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 Prudence Island is $256,350, with tax bills ranging from $2,626 at the 25th percentile to $5,283 at the 90th percentile. 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 Prudence Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Prudence Island, Rhode Island
Source: Ownwell
$256,350
$487,675
$719,000
Average Prudence Island Assessed Value
$256,350
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 Prudence Island, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02872 | $157,460 | $205,450 | $256,350 | $327,250 | $413,380 |
Source: Ownwell
Property Tax Bills Across Prudence Island, Rhode Island
In Prudence Island, located in Newport County, 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 local tax assessor and reflects the market value of the property. Homeowners in Prudence Island face a median property tax rate of 1.28%, which is higher than the national median of 0.99%. Several factors influence the final tax bill, including property size, location, and improvements. For instance, homes in the 25th percentile have tax bills around $2,626, while those in the 75th percentile see bills closer to $4,182. At the higher end, the 90th percentile tax bill reaches $5,283. These variations can significantly impact homeowners, especially when compared to the national median. The highest and lowest median tax bills in the area are both $3,276, indicating a consistent tax rate across different properties. Understanding these factors helps homeowners plan their finances and anticipate future tax obligations.
Average Prudence Island Tax Bill
$3,276
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 Prudence Island, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02872 | $2,012 | $2,626 | $3,276 | $4,182 | $5,283 |
Source: Ownwell