Oakland, Rhode Island Property Taxes
The median property tax rate in Oakland, RI is 1.44%, considerably higher than the national median of 0.99% but slightly lower than the Rhode Island state median of 1.48%. With the median home value in Oakland being $297,400, the typical annual property tax bill reaches $4,281, significantly exceeding the national median of $2,690. Property taxes in Oakland 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 Oakland'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 Oakland 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
Oakland, Rhode Island Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$2,960
Ownwell’s Oakland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland 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 Oakland, Rhode Island
Property taxes in Oakland, 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 Oakland is 1.44%, which is higher than both the Rhode Island state median and the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Rhode Island and the national median. For comparison, the 02858 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Oakland 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 Oakland Tax Rate
1.44%
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 Oakland, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02858 | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Rhode Island
In Oakland, 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 Oakland, 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 02858, with a median tax bill of $4,281.
Average Oakland Assessed Value
$297,400
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 Oakland, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02858 | $244,020 | $264,000 | $297,400 | $368,600 | $447,520 |
Source: Ownwell
Property Tax Bills Across Oakland, Rhode Island
In Oakland, Providence County, RI, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is an estimation of your home's market value, which is then multiplied by the tax rate to calculate your annual tax bill. For example, with a median home price of $297,400, homeowners can expect varying tax bills based on their individual property assessments and applicable exemptions. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Tax bills in Oakland show a significant range, with the 25th percentile at $3,809 and the 75th percentile at $5,328, indicating variability based on these factors. Homeowners in Oakland face a median property tax rate higher than the national median of 0.99%. This can impact household budgets, especially for those with properties assessed at the higher end. The highest median tax bill in the area is $4,281, found in zip code 02858, underscoring the importance of understanding local tax rates and assessments.
Average Oakland Tax Bill
$4,281
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 Oakland, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02858 | $3,531 | $3,809 | $4,281 | $5,328 | $6,440 |
Source: Ownwell