02872 Property Tax Rate

Property owners in ZIP code 02872 (Prudence Island, Rhode Island) pay a median of $3,500/year in property taxes on homes valued at $293,600. This translates to an effective tax rate of 1.19%, which is 7% below the Rhode Island state average of 1.29%.

The monthly property tax burden for a median-valued home in 02872 is approximately $292, which factors into escrow payments on mortgages. This ZIP code is located within Newport County. This is $1,558 less than the Rhode Island average of $5,058/year.

Compared to similar ZIP codes in Rhode Island, 02872 has lower property taxes. ZIP codes with similar effective rates include 02809 (1.19%) and 02917 (1.20%).

In Prudence Island, property taxes represent approximately 2.6% of the median household income of $132,969, 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.