Exeter, Rhode Island Property Taxes
The median property tax rate in Exeter, RI is 1.43%, which is notably higher than the national median of 0.99% but slightly below the Rhode Island state median of 1.48%. With the median home value in Exeter at $348,400, the typical annual property tax bill amounts to $4,972, significantly surpassing the national median of $2,690. Property taxes in Exeter are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Exeter's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Exeter or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Exeter, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$4,982
$4,623
Ownwell’s Exeter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Exeter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Exeter 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 Exeter, Rhode Island
Property taxes in Exeter, Rhode Island, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Exeter is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Exeter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Exeter 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 Exeter's effective property tax rate to other counties in Rhode Island and the national median. For comparison, the 02822 zip code has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these cities compare with Exeter 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 Exeter Tax Rate
1.43%
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 Exeter, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02822 | 1.43% | 1.43% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Exeter, Rhode Island
In Exeter, 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 Exeter, 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 Exeter helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Exeter are both $4,972, found in the 02822 zip code.
Average Exeter Assessed Value
$348,400
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 Exeter, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02822 | $206,600 | $272,475 | $348,400 | $433,900 | $520,450 |
Source: Ownwell
Property Tax Bills Across Exeter, Rhode Island
In Exeter, located in Washington County, RI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value determined by the local assessor. This value is then multiplied by the tax rate to determine the annual tax bill. For example, with a median home price of $348,400, the tax bills can vary significantly. The 25th percentile tax bill is around $3,890, while the 75th percentile reaches up to $6,192, and the 90th percentile can be as high as $7,427. These variations reflect differences in property values and specific assessments. Homeowners in Exeter need to be aware of these factors as they directly impact their financial obligations. The median property tax rate in Exeter is notably higher than the national median of 0.99%, indicating a relatively higher tax burden for residents in this area. Understanding these factors can help homeowners better plan for their annual expenses.
Average Exeter Tax Bill
$4,972
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 Exeter, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02822 | $2,964 | $3,890 | $4,972 | $6,192 | $7,427 |
Source: Ownwell