Hope Valley, Rhode Island Property Taxes
The median property tax rate in Hope Valley, RI is 1.47%, slightly lower than the Rhode Island state median of 1.48% but still significantly higher than the national median of 0.99%. With the median home value in Hope Valley at $365,300, the typical annual property tax bill reaches $5,357, far exceeding the national median of $2,690. Property taxes in Hope Valley are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Hope Valley's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Hope Valley or another part of the city, a thorough grasp of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Hope Valley, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$5,370
$4,983
Ownwell’s Hope Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hope Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hope Valley 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 Hope Valley, Rhode Island
Property taxes in Hope Valley, Rhode Island, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope Valley is 1.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hope Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope Valley 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 Hope Valley's effective property tax rate to other areas in Washington County and the national median. For comparison, the zip code 02832 has both the highest and lowest median property tax rate of 1.47%, illustrating uniformity in the tax rate within Hope Valley. Understanding how these areas compare with Hope Valley 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 Hope Valley Tax Rate
1.47%
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 Hope Valley, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02832 | 1.47% | 1.47% | 1.47% | 1.47% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Hope Valley, Rhode Island
In Hope Valley, 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 Hope Valley, 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. For instance, the median home price in the area is $365,300, with tax bills ranging significantly. The 25th percentile tax bill is $4,389, while the 75th percentile tax bill is $6,607. 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 Hope Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hope Valley, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Hope Valley Assessed Value
$365,300
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 Hope Valley, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02832 | $249,640 | $298,300 | $365,300 | $450,200 | $529,180 |
Source: Ownwell
Property Tax Bills Across Hope Valley, Rhode Island
In Hope Valley, located in Washington County, RI, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in the area is $365,300, which serves as a baseline for calculating property taxes. Factors such as property size, location, and improvements can influence the assessed value, ultimately affecting the tax bill. For homeowners in Hope Valley, the property tax bills vary significantly. The 25th percentile tax bill is $4,389, while the 75th percentile reaches $6,607. At the 90th percentile, homeowners can expect to pay around $7,761. These figures indicate that property taxes in Hope Valley can be a substantial annual expense, especially when compared to the national median property tax rate of 0.99%. Understanding how these taxes are calculated can help homeowners budget more effectively and potentially seek exemptions or appeals to reduce their tax burden.
Average Hope Valley Tax Bill
$5,357
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 Hope Valley, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02832 | $3,672 | $4,389 | $5,357 | $6,607 | $7,761 |
Source: Ownwell