Block Island, Rhode Island Property Taxes
The median property tax rate in Block Island, RI is 0.60%, significantly lower than both the national median of 0.99% and the Rhode Island state median of 1.48%. With a median home value of $1,178,200 in Block Island, the typical annual property tax bill reaches $7,093, which is substantially higher than the national median of $2,690. Property taxes in Block Island are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Block Island'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 Block Island 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
Block Island, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$7,069
$6,560
Ownwell’s BLOCK ISLAND Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BLOCK ISLAND with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BLOCK ISLAND 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 Block Island, Rhode Island
Property taxes in Block Island, Rhode Island, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Block Island is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Block Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Block Island 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 Block Island's effective property tax rate to other counties in Rhode Island and the national median. For comparison, the 02807 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these figures compare with Block Island provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Block Island Tax Rate
0.60%
Average Washington County Tax Rate
1.10%
Average Rhode Island Tax Rate
1.48%
Average United States Tax Rate
0.99%
Property Tax Rates Across Block Island, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02807 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Block Island, Rhode Island
In BLOCK ISLAND, 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 Washington 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 BLOCK ISLAND, 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 BLOCK ISLAND helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in BLOCK ISLAND are both $7,093, found in the 02807 zip code.
Property Tax Assessment Values Across Block Island, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Block Island Assessed Value
$1,178,200
Average Washington County Assessed Value
$428,800
Average Rhode Island Assessed Value
$326,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Block Island, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02807 | $542,920 | $822,550 | $1,178,200 | $1,574,400 | $2,172,580 |
Source: Ownwell
Property Tax Bills Across Block Island, Rhode Island
In Block Island, located in Washington County, RI, property tax bills are calculated based on the assessed value of each home. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the assessed value include the property's market value, which is influenced by the median home price of $1,178,200 in the area. The local tax rate is then applied to this value to determine the tax bill. Homeowners can expect varying tax bills depending on the value of their property. For instance, a property in the 25th percentile might have a tax bill of around $4,952, while one in the 75th percentile could see a bill of approximately $9,478. For those in the 90th percentile, the tax bill could be as high as $13,079. The highest median tax bill in the area is $7,093, which is notably higher than the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners by adding a substantial yearly expense.
Average Block Island Tax Bill
$7,093
Average Washington County Tax Bill
$4,838
Average Rhode Island Tax Bill
$4,920
Average United States Tax Bill
$2,690
Property Tax Bills Across Block Island, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02807 | $3,268 | $4,952 | $7,093 | $9,478 | $13,079 |
Source: Ownwell