Wakefield, Rhode Island Property Taxes
The median property tax rate in Wakefield, RI is 1.10%, higher than both the national median of 0.99% and the Rhode Island state median of 1.48%. With a median home value of $457,000 in Wakefield, the typical annual property tax bill reaches $5,033, surpassing the national median of $2,690. Property taxes in Wakefield are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wakefield'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 Wakefield 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
Wakefield, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$5,027
Ownwell’s Wakefield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wakefield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakefield 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 Wakefield, Rhode Island
Property taxes in Wakefield, 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 Wakefield is 1.10%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wakefield set these rates annually, and they can vary across different neighborhoods. Each year, Wakefield 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. Understanding how these cities compare with Wakefield 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 Wakefield Tax Rate
1.10%
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 Wakefield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02879 | 1.10% | 1.10% | 1.10% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Wakefield, Rhode Island
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wakefield, RI. 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 Wakefield, 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 Wakefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5,033, found in the 02879 zip code.
Property Tax Assessment Values Across Wakefield, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Wakefield Assessed Value
$457,000
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 Wakefield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02879 | $260,200 | $347,300 | $457,000 | $601,000 | $848,100 |
Source: Ownwell
Property Tax Bills Across Wakefield, Rhode Island
In Wakefield, RI, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Wakefield, the median home price is $457,000. Property tax bills vary significantly, with the 25th percentile at $3,828 and the 75th percentile reaching $6,628. The 90th percentile tax bill soars to $9,326, reflecting the higher-end properties. Several factors influence these tax bills, including property location, home size, and any applicable exemptions. Homeowners should note that Wakefield's median tax bill, at $5,033, is considerably higher than the national median property tax rate of 0.99%. This higher tax burden can impact homeowners' overall expenses, making it crucial for them to understand their property’s assessed value and explore any possible exemptions to manage their tax liabilities effectively.
Average Wakefield Tax Bill
$5,033
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 Wakefield, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02879 | $2,873 | $3,828 | $5,033 | $6,628 | $9,326 |
Source: Ownwell