Shannock, Rhode Island Property Taxes
The median property tax rate in Shannock, RI is 1.48%, considerably higher than the national median of 0.99%. With a median home value of $392,650, the typical annual property tax bill in Shannock reaches $5,796, far exceeding the national median of $2,690. Property taxes in Shannock are calculated based on the assessed value, which often falls below market value due to exemptions such as those for primary residences and agricultural properties. Understanding Shannock'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 Shannock or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shannock, Rhode Island Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$2,960
Ownwell’s Shannock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannock 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 Shannock, Rhode Island
Property taxes in Shannock, Rhode Island, are essential for funding key local services, including public schools, road maintenance, and emergency services. The median tax rate in Shannock is 1.48%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Shannock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shannock 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 Shannock's effective property tax rate to other areas in Rhode Island and the national median. For comparison, the zip code 02875 has both the highest and lowest median property tax rate of 1.48%. Understanding how these areas compare with Shannock 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 Shannock Tax Rate
1.48%
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 Shannock, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02875 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Shannock, Rhode Island
In Shannock, 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 Shannock, 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 Shannock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 02875 in Shannock has both the highest and lowest median tax bill, which stands at $5,796.
Property Tax Assessment Values Across Shannock, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Shannock Assessed Value
$392,650
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 Shannock, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02875 | $230,600 | $295,950 | $392,650 | $432,800 | $534,400 |
Source: Ownwell
Property Tax Bills Across Shannock, Rhode Island
In Shannock, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $392,650, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $4,368, while those in the 75th percentile might see bills as high as $6,388. At the 90th percentile, the tax bill can reach up to $7,888. This variance is due to differences in property values and the specific characteristics of each home. The highest and lowest median tax bills in Shannock are both recorded at $5,796, reflecting a uniformity in tax assessments across the region. Compared to the national median property tax rate of 0.99%, Shannock's rates can be higher, impacting homeowners' annual expenses and potentially influencing their decisions on property investments and homeownership.
Average Shannock Tax Bill
$5,796
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 Shannock, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02875 | $3,404 | $4,368 | $5,796 | $6,388 | $7,888 |
Source: Ownwell