PROVIDENCE – Washington County residents are getting the most value for the property taxes they pay, according to SmartAsset’s latest study.
SmartAsset said Rhode Island has some of the highest property taxes in the nation, and the state’s average rate of 1.55 percent ranks 10th highest in the country.
The financial services company said that Washington County, with its property tax rate of 1.33 percent (below the state average), school rating of 8 (10 is best) and 1,443 crimes per 100,000 people, gives residents the most “bang for their buck” on their property taxes.
In Washington County, the median home value is $321,900 and median annual property tax payment is $4,182.
Bristol County was next for overall property tax value, with Newport County third; Kent County, fourth; and Providence County fifth, or in last place.
Providence County’s property tax rate is 1.74 percent (above the state average), its school rating was the lowest at 1 and crimes per 100,000 people were the highest at 3,140. Providence County’s median home value is $224,100 and its median annual property tax payment is $3,688, SmartAsset said.
To come up with its findings, SmartAsset said it measured the quality of schools by calculating average math and reading/language arts proficiencies for all school districts.
Violent and property crimes per 100,000 residents were calculated, and using school and crime numbers, a community score was formulated. The number of households, median home value and average property tax rate was used to calculate a per capita property tax collected for each county.
A tax value was created using the ratio of the community score to the per capita property tax paid.
“This shows us the counties in the country where people are getting the most bang for their buck, or where their property tax dollars are going the furthest,” SmartAsset said.