Wood River Junction, Rhode Island Property Taxes
The median property tax rate in Wood River Junction, RI, is 1.48%, considerably higher than the national median of 0.99%. With the median home value in Wood River Junction at $363,150, the typical annual property tax bill reaches $5,313, significantly exceeding the national median of $2,690. Property taxes in Wood River Junction 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 Wood River Junction'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 Wood River Junction 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
Wood River Junction, Rhode Island Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$5,375
$4,987
Ownwell’s Wood River Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood River Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood River Junction 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 Washington County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Wood River Junction, Rhode Island
Property taxes in Wood River Junction, Rhode Island, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood River Junction is 1.48%, significantly higher than both the Rhode Island state median and the U.S. national median of 0.99%. Local government entities within Wood River Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood River Junction 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 Wood River Junction's effective property tax rate to other regions in Rhode Island and the national median. For comparison, the zip code 02894 has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these rates compare with Wood River Junction 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 Wood River Junction 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 Wood River Junction, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02894 | 1.47% | 1.48% | 1.48% | 1.48% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Wood River Junction, Rhode Island
In Wood River Junction, 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 Wood River Junction, 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 Wood River Junction helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in this area is $363,150, with the highest and lowest median tax bills both being $5,313 in the 02894 zip code.
Property Tax Assessment Values Across Wood River Junction, Rhode Island
Source: Ownwell
$136,250
$657,225
$1,178,200
Average Wood River Junction Assessed Value
$363,150
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 Wood River Junction, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02894 | $267,340 | $305,375 | $363,150 | $424,275 | $482,190 |
Source: Ownwell
Property Tax Bills Across Wood River Junction, Rhode Island
In Wood River Junction, Washington County, RI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value reflects the market value of the property. The tax rate, or mill rate, is then applied to this assessed value to calculate the annual property tax bill. For instance, with a median home price of $363,150, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $4,482, while the 75th percentile reaches approximately $6,239, and the 90th percentile can go up to $7,118. These figures are higher than the national median property tax rate of 0.99%, indicating a relatively higher tax burden for homeowners in this area. This variation in tax bills can significantly impact homeowners' finances, influencing their ability to invest in property improvements or save for other expenses. Understanding these factors is crucial for budgeting and financial planning.
Average Wood River Junction Tax Bill
$5,313
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 Wood River Junction, Rhode Island
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02894 | $3,880 | $4,482 | $5,313 | $6,239 | $7,118 |
Source: Ownwell