Central Falls, Rhode Island Property Taxes
The median property tax rate in Central Falls, RI is 1.86%, significantly higher than both the national median of 0.99% and the Rhode Island state median of 1.48%. With a median home value of $242,600 in Central Falls, the typical annual property tax bill reaches $4,465, far exceeding the national median of $2,690. Property taxes in Central Falls are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Central Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Central Falls or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Central Falls, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.86%
Estimate Property Tax Bill
$4,512
$4,187
Ownwell’s Central Falls Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Central Falls with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Central Falls to provide an estimate of your property tax bill. This valuable tool helps you understand your 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, considering any applicable exemptions.
Property Tax Rates Across Central Falls, Rhode Island
Property taxes in Central Falls, 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 Central Falls is 1.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within Central Falls set these rates annually, and they can vary across different neighborhoods. Each year, Central Falls 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 Central Falls' effective property tax rate to other counties in Rhode Island and the national median. For comparison, the zip code 02863 in Central Falls has the highest median property tax rate of 1.86%, which is also the lowest median tax rate in the area. Understanding how these figures compare with other regions provides valuable insights into the varying tax landscape across Providence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Central Falls Tax Rate
1.86%
Average Providence County Tax Rate
1.71%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Central Falls, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02863 | 1.85% | 1.85% | 1.86% | 1.86% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Central Falls, Rhode Island
In Central Falls, 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 Providence 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 Central Falls, 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 Central Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Central Falls is $4,465, with the same value for both the highest and lowest median tax bills in zip code 02863.
Property Tax Assessment Values Across Central Falls, Rhode Island
Source: Ownwell
$51,600
$324,300
$597,000
Average Central Falls Assessed Value
$242,600
Average Providence County Assessed Value
$293,200
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Central Falls, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02863 | $175,760 | $206,300 | $242,600 | $276,400 | $329,280 |
Source: Ownwell
Property Tax Bills Across Central Falls, Rhode Island
Property tax bills in Central Falls, located in Providence County, RI, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the city’s assessor and is meant to represent the market value of the property. This value is then subjected to the local property tax rate, which in Central Falls leads to a median tax bill of $4,465. Factors such as the size, location, and condition of the property, as well as any improvements or modifications, are taken into account during the assessment. The tax bill can significantly impact homeowners, with those in the 25th percentile paying around $3,779 annually, while those in the 75th percentile pay about $5,122. For homeowners at the 90th percentile, the tax bill can reach up to $6,108. These property taxes are crucial for funding local services, including schools, infrastructure, and public safety, but they also represent a substantial annual expense for homeowners.
Average Central Falls Tax Bill
$4,465
Average Providence County Tax Bill
$4,934
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Central Falls, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02863 | $3,245 | $3,779 | $4,465 | $5,122 | $6,108 |
Source: Ownwell