Sterling, Rhode Island Property Taxes
The median property tax rate in Sterling, RI is 2.27%, significantly higher than both the national median of 0.99% and the Rhode Island state median of 1.48%. With the median home value in Sterling at $332,200, the typical annual property tax bill reaches $7,531, far exceeding the national median of $2,690. Property taxes in Sterling are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Sterling'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 Sterling 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
Sterling, 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 Sterling Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sterling with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sterling 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 Sterling, Rhode Island
Property taxes in Sterling, 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 Sterling is 2.27%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sterling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sterling 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. Understanding how Sterling's effective property tax rate compares to other areas 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 Sterling 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 Sterling, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06377 | 2.27% | 2.27% | 2.27% | 2.27% | 2.27% |
Source: Ownwell
Property Tax Assessment Values Across Sterling, Rhode Island
In Sterling, 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 local 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 Sterling, 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 Sterling helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Sterling are both $7,531, found in the 06377 zip code.
Average Sterling Assessed Value
$332,200
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 Sterling, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06377 | $332,200 | $332,200 | $332,200 | $332,200 | $332,200 |
Source: Ownwell
Property Tax Bills Across Sterling, Rhode Island
In Sterling, Providence County, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local assessors who evaluate the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. In Sterling, the median home price is $332,200, and the property tax bill for various percentiles, including the 25th, 75th, and 90th percentiles, consistently stands at $7,531. This figure is notably higher than the national median property tax rate of 0.99%, reflecting the local tax rate's impact on homeowners. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value and, consequently, the tax bill. For homeowners, this means that any increase in their property's assessed value will result in a higher tax bill, which can affect their overall financial planning and budgeting.
Average Sterling Tax Bill
$7,531
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 Sterling, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 06377 | $7,531 | $7,531 | $7,531 | $7,531 | $7,531 |
Source: Ownwell