Hopkinton, Rhode Island Property Taxes
The median property tax rate in Hopkinton, RI is 1.47%, slightly below the state median of 1.48% but considerably higher than the national median of 0.99%. With a median home value of $311,450, the typical annual property tax bill in Hopkinton reaches $4,566, significantly exceeding the national median of $2,690. Property taxes in Hopkinton are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Hopkinton'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 Hopkinton 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
Hopkinton, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$4,578
Ownwell’s Hopkinton Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Hopkinton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopkinton to provide an estimate of your property tax bill. This insightful tool aids in understanding 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 Hopkinton, Rhode Island
Property taxes in Hopkinton, 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 Hopkinton is 1.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hopkinton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopkinton 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 Hopkinton's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02833 has both the highest and lowest median property tax rate of 1.47%. Understanding how these areas compare with Hopkinton 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 Hopkinton 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 Hopkinton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02833 | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Hopkinton, Rhode Island
In Hopkinton, 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 Hopkinton, 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 Hopkinton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hopkinton is $311,450, with the highest and lowest median tax bills both being $4,566 in the 02833 zip code.
Property Tax Assessment Values Across Hopkinton, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Hopkinton Assessed Value
$311,450
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 Hopkinton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02833 | $223,440 | $256,650 | $311,450 | $391,200 | $471,490 |
Source: Ownwell
Property Tax Bills Across Hopkinton, Rhode Island
In Hopkinton, located in Washington County, RI, property tax bills are calculated based on the property's assessed value and the local tax rate. The assessed value is determined by the local assessor’s office and is meant to reflect the market value of the property. For example, with a median home price of $311,450, homeowners can expect varying tax bills. The tax bill is influenced by factors such as property size, location, and any applicable exemptions. In Hopkinton, the 25th percentile tax bill is around $3,762, while the 75th percentile tax bill can reach up to $5,735. At the 90th percentile, some homeowners see tax bills as high as $6,912. Compared to the national median property tax rate of 0.99%, Hopkinton's property taxes can significantly impact homeowners, especially those with higher-valued properties. Understanding how these factors interact helps homeowners anticipate their financial obligations and plan accordingly.
Average Hopkinton Tax Bill
$4,566
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 Hopkinton, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02833 | $3,276 | $3,762 | $4,566 | $5,735 | $6,912 |
Source: Ownwell