Rockville, Rhode Island Property Taxes
The median property tax rate in Rockville, RI is 1.47%, slightly lower than the state median of 1.48% but significantly higher than the national median of 0.99%. With a median home value of $370,150 in Rockville, the typical annual property tax bill amounts to $5,426, which far exceeds the national median of $2,690. Property taxes in Rockville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence exemption. Understanding Rockville'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 Rockville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rockville, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$5,441
$5,049
Ownwell’s Rockville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Rockville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Rockville to estimate your property tax bill. This valuable tool provides insight into potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Rockville, Rhode Island
Property taxes in Rockville, Rhode Island, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockville is 1.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rockville set these rates annually, and they can vary across different neighborhoods. Each year, Rockville 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 Rockville's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02873 has both the highest and lowest median property tax rate of 1.47%. Understanding how these areas compare with Rockville 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 Rockville 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 Rockville, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02873 | 1.47% | 1.47% | 1.47% | 1.47% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Rockville, Rhode Island
In Rockville, 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 Rockville, 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 Rockville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5,426 in the 02873 zip code, while the lowest median tax bill is also $5,426 in the same zip code.
Property Tax Assessment Values Across Rockville, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Rockville Assessed Value
$370,150
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 Rockville, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02873 | $225,830 | $284,750 | $370,150 | $464,900 | $661,760 |
Source: Ownwell
Property Tax Bills Across Rockville, Rhode Island
In Rockville, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Rockville is $370,150, providing a benchmark for understanding property tax calculations. The assessed value, determined by local tax authorities, is multiplied by the tax rate to compute the annual tax bill. Factors influencing the tax bill include property size, location, and any applicable exemptions or deductions. Homeowners in Rockville experience a range of property tax bills. The 25th percentile tax bill is $4,174, while the 75th percentile tax bill reaches $6,816. At the 90th percentile, homeowners may see tax bills as high as $9,701. These figures highlight the variability in tax obligations based on property values and local assessments. Compared to the national median property tax rate of 0.99%, homeowners in Rockville face a distinct property tax landscape, significantly impacting their annual financial planning and overall cost of homeownership.
Average Rockville Tax Bill
$5,426
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 Rockville, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02873 | $3,311 | $4,174 | $5,426 | $6,816 | $9,701 |
Source: Ownwell