Slocum, Rhode Island Property Taxes
The median property tax rate in SLOCUM, RI is 1.43%, which is considerably higher than the national median of 0.99% but slightly lower than the Rhode Island state median of 1.48%. With a median home value of $386,350 in SLOCUM, the typical annual property tax bill reaches $5,540, far exceeding the national median of $2,690. Property taxes in SLOCUM are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding SLOCUM'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 SLOCUM 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
Slocum, 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 SLOCUM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SLOCUM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SLOCUM 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 Slocum, Rhode Island
Property taxes in Slocum, Rhode Island, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Slocum is 1.43%, significantly higher than the U.S. national median of 0.99%. Local government entities within Slocum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Slocum 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 Slocum's effective property tax rate to other counties in Rhode Island and the national median. For comparison, the zip code 02877 has both the highest and lowest median property tax rate of 1.43%. Understanding how these areas compare with Slocum 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 Slocum 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 Slocum, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02877 | 1.43% | 1.43% | 1.43% | 1.43% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Slocum, Rhode Island
In Slocum, 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 Slocum, 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 Slocum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 02877, with a median tax bill of $5,540.
Average Slocum Assessed Value
$386,350
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 Slocum, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02877 | $262,390 | $283,525 | $386,350 | $463,050 | $515,370 |
Source: Ownwell
Property Tax Bills Across Slocum, Rhode Island
In Slocum, Washington County, RI, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by local government assessors who evaluate the property's market value. For example, with a median home price of $386,350, homeowners can expect their tax bill to be influenced by this valuation. The local tax rate is applied to this assessed value to calculate the annual tax bill. Homeowners in Slocum experience varying tax bills, with the 25th percentile paying around $4,066 and the 75th percentile facing bills as high as $6,640. At the 90th percentile, tax bills can reach up to $7,390. These figures highlight how property taxes can significantly impact household budgets. The highest and lowest median tax bills in the area are both recorded at $5,540 in the 02877 zip code, illustrating a degree of uniformity in tax assessments within that region. Compared to the national median property tax rate of 0.99%, Slocum's rates can be considerably higher, reflecting local funding needs and property values.
Average Slocum Tax Bill
$5,540
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 Slocum, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02877 | $3,762 | $4,066 | $5,540 | $6,640 | $7,390 |
Source: Ownwell