02840 Property Tax Rate

Property owners in ZIP code 02840 (Newport, Rhode Island) pay a median of $5,272/year in property taxes on homes valued at $669,500. This translates to an effective tax rate of 0.79%, which is 39% below the Rhode Island state average of 1.29%.

The monthly property tax burden for a median-valued home in 02840 is approximately $439, which factors into escrow payments on mortgages. This ZIP code is located within Newport County. This is $214 more than the Rhode Island average of $5,058/year.

Compared to similar ZIP codes in Rhode Island, 02840 has higher property taxes. ZIP codes with similar effective rates include 02813 (0.72%) and 02808 (0.88%).

In Newport, property taxes represent approximately 6.3% of the median household income of $83,515, providing context for the relative tax burden on homeowners in this area.

Rhode Island has no statewide assessment growth cap; reassessment to full market value occurs at sale and annually. Newport County Assessor administers a Homestead Exemption available to primary residence owners — submit your application to the Newport County Assessor's office within 30 days of your purchase closing. Review your initial assessment notice carefully and contact the Newport County Assessor to file an appeal if your assessed value appears excessive compared to comparable sales.