Foster, Rhode Island Property Taxes
The median property tax rate in Foster, RI is 2.27%, 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 Foster at $318,150, the typical annual property tax bill reaches $6,840, significantly exceeding the national median of $2,690. Property taxes in Foster 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 Foster'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 Foster 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
Foster, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$7,222
$6,702
Ownwell’s Foster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foster 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 Foster, Rhode Island
Property taxes in Foster, Rhode Island, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Foster is 2.27%, significantly higher than the U.S. national median of 0.99%. Local government entities within Foster set these rates annually, and they can vary across different neighborhoods. Each year, Foster 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. For comparison, the 02825 zip code has the highest median property tax rate of 2.27%, while the same zip code also represents the lowest median tax rate of 2.27%. Understanding how these figures compare with Foster 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 Foster Tax Rate
2.27%
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 Foster, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02825 | 1.68% | 2.27% | 2.27% | 2.27% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Foster, Rhode Island
In Foster, 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 to 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 property assessment office 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 Foster, 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. Foster's median home price stands at $318,150, with tax bills ranging significantly—those in the 25th percentile face a bill of $5,659, while those in the 75th percentile see $8,483. The highest and lowest median tax bills are both $6,840 in the 02825 zip code. Being aware of these valuation processes in Foster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Foster Assessed Value
$318,150
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 Foster, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02825 | $220,010 | $259,150 | $318,150 | $397,000 | $478,190 |
Source: Ownwell
Property Tax Bills Across Foster, Rhode Island
In Foster, located in Providence County, RI, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and reflects the property's market value. Homeowners in Foster face a median property tax bill of $6,840, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's size, location, and improvements. For example, the 25th percentile tax bill is $5,659, while the 75th percentile tax bill reaches $8,483, and the 90th percentile tax bill can go up to $10,292. These variations highlight how different property characteristics and market conditions can impact tax obligations. High property taxes can significantly affect homeowners by increasing their annual expenses and potentially influencing their decisions on property improvements or even relocation. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate future tax liabilities.
Average Foster Tax Bill
$6,840
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 Foster, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02825 | $4,743 | $5,659 | $6,840 | $8,483 | $10,292 |
Source: Ownwell