Lincoln, Rhode Island Property Taxes
The median property tax rate in Lincoln, RI is 1.65%, 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 Lincoln, the typical annual property tax bill reaches $6,466, exceeding the national median of $2,690. Property taxes in Lincoln 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 Lincoln'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 Lincoln 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
Lincoln, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$6,471
Ownwell’s Lincoln Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln 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 Lincoln, Rhode Island
Property taxes in Lincoln, 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 Lincoln is 1.65%, significantly higher than the national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary across different neighborhoods. Each year, Lincoln 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 Lincoln's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02865 has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these rates compare with Lincoln 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 Lincoln Tax Rate
1.65%
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 Lincoln, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02865 | 1.65% | 1.65% | 1.65% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, Rhode Island
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lincoln, 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 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 Lincoln, 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 Lincoln helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 02865 has the highest and lowest median tax bill at $6,466, offering an insightful benchmark for residents.
Average Lincoln Assessed Value
$392,200
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 Lincoln, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02865 | $258,300 | $313,250 | $392,200 | $524,250 | $695,400 |
Source: Ownwell
Property Tax Bills Across Lincoln, Rhode Island
In Lincoln, Providence County, RI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is typically a percentage of the market value of the property. Homeowners in Lincoln face a median property tax rate that is notably higher than the national median of 0.99%. For instance, the median home price in Lincoln is $392,200, and tax bills can vary significantly. The 25th percentile tax bill is around $5,166, while the 75th percentile tax bill is approximately $8,650, and the 90th percentile tax bill reaches up to $11,476. Several factors influence the property tax bill, including the home's location, its assessed value, and any applicable exemptions or deductions. These high property tax rates can significantly impact homeowners, affecting their overall housing costs and potentially influencing their decisions to buy, sell, or invest in property within the area. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Lincoln Tax Bill
$6,466
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 Lincoln, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02865 | $4,273 | $5,166 | $6,466 | $8,650 | $11,476 |
Source: Ownwell