Home Economy WalletHub: R.I. ranks 13th-highest in nation for property taxes

WalletHub: R.I. ranks 13th-highest in nation for property taxes

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PBN Staff

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02/23/2024

Providence — RHODE ISLAND'S property tax rate was found to be the 13th-highest in the nation for the second straight year, according to a recent study by WalletHub. Pictured is the Industrial Trust Co. Building, known as the "Superman" building, in Providence. / PBN FILE PHOTO/PAMELA BHATIA

PROVIDENCE – Rhode Island’s property tax rate was found to be the 13th-highest in the nation for the second straight year, according to a recent study by WalletHub. The report, released on Feb. 20, compared the real estate property tax rates of 50 states and the District of Columbia by using U.S. Census Bureau data

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PROVIDENCE – Rhode Island’s property tax rate was found to be the 13th-highest in the nation for the second straight year, according to a recent study by WalletHub. The report, released on Feb. 20, compared the real estate property tax rates of 50 states and the District of Columbia by using U.S. Census Bureau data to determine which had the highest rate. Researchers at the personal finance website divided the median real estate tax payment by the median home price in each state. They then used the resulting rates to obtain the dollar amount paid as real estate tax on a house worth $281,900, the median value for a home in the U.S. as of 2022, according to the Census Bureau. Data showed Rhode Island's effective real estate tax was 1.39%, which amounted to $3,924 on a house worth $281,900. This was higher than the U.S. average of $2,869. Also, according to the study, a median-priced home at $343,100 would cost Rhode Islanders $4,776 in property taxes at the 1.39% rate. New Jersey had the highest effective real estate tax with a rate of 2.33%. Residents in that state would pay $6,563 for a home valued at $281,900, and $9,345 for a home valued at the median price in the Garden State of $401,400. Illinois at 2.11%, Connecticut at 2%, New Hampshire at 1.89% and Vermont at 1.78% rounded out the top five highest property tax rates. Hawaii had the lowest effective real estate tax rate at 0.27%. Annual taxes in that state would cost $757 for a home worth $281,900, and $2,054 for a home with a median value of $764,800. Alabama at 0.39%, Colorado at 0.49%, Nevada at 0.5% and South Carolina at 0.53% rounded out the top five lowest property tax rates. Massachusetts had the 18th-highest effective real estate tax at 1.15%, according to the study. Bay State property owners would pay $3,253 on a home valued at $281,900, and $5,584 on a home at the state’s median value of $483,900. The study also ranked states with a vehicle property tax rate. Rhode Island was one of 24 states, plus the District of Columbia, that does not have such a levy. Among the 26 states that have a vehicle property tax, Massachusetts had the sixth-highest rate at 2.25%. Bay State vehicle owners would pay $594 on a vehicle valued at $26,420, which is the value of a Toyota Camry LE four-door sedan as of January 2024, the highest-selling car of 2023. The full report can be found here.