Tiverton, Rhode Island Property Taxes
The median property tax rate in Tiverton, RI is 1.49%, considerably higher than both the national median of 0.99% and the Rhode Island state median of 1.48%. With the median home value in Tiverton at $296,320, the typical annual property tax bill reaches $4,430, exceeding the national median of $2,690. Property taxes in Tiverton 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 Tiverton'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 Tiverton 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
Tiverton, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$4,415
$4,097
Ownwell’s Tiverton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tiverton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tiverton 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 Tiverton, Rhode Island
Property taxes in Tiverton, 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 Tiverton is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tiverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tiverton 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 Tiverton's effective property tax rate to other areas and the national median. For comparison, the zip code 02878 has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these figures compare with Tiverton 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 Tiverton Tax Rate
1.49%
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 Tiverton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02878 | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Tiverton, Rhode Island
In Tiverton, 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 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 Tiverton, 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 Tiverton is $296,320, with tax bills ranging from $3,528 at the 25th percentile to $8,493 at the 90th percentile. The highest and lowest median tax bills, both at $4,430, are found in zip code 02878. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tiverton Assessed Value
$296,320
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 Tiverton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02878 | $184,120 | $236,025 | $296,320 | $413,375 | $568,790 |
Source: Ownwell
Property Tax Bills Across Tiverton, Rhode Island
Property tax bills in Tiverton, Newport County, RI, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the market value, which is periodically evaluated by local assessors. For example, a median home price in Tiverton is $296,320. The local tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and condition. Homeowners in Tiverton can expect tax bills to vary significantly. At the 25th percentile, tax bills are around $3,528, while at the 75th percentile, they rise to $6,166. The 90th percentile sees tax bills reaching $8,493. This variability affects homeowners differently, with higher-valued properties incurring higher tax bills. The median tax bill in Tiverton's 02878 zip code is $4,430, which is substantially higher than the national median property tax rate of 0.99%. This highlights the importance of understanding local property tax calculations for effective financial planning.
Average Tiverton Tax Bill
$4,430
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 Tiverton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02878 | $2,810 | $3,528 | $4,430 | $6,166 | $8,493 |
Source: Ownwell