02894 Property Tax Rate

Property owners in ZIP code 02894 (Wood River Junction, Rhode Island) pay a median of $5,388/year in property taxes on homes valued at $341,600. This translates to an effective tax rate of 1.58%, which is 22% above the Rhode Island state average of 1.29%.

The monthly property tax burden for a median-valued home in 02894 is approximately $449, which factors into escrow payments on mortgages. This ZIP code is located within Washington County. This is $330 more than the Rhode Island average of $5,058/year.

Compared to similar ZIP codes in Rhode Island, 02894 has lower property taxes. ZIP codes with similar effective rates include 02911 (1.58%) and 02832 (1.58%).

Rhode Island has no statewide cap on property tax assessment increases; your home will be assessed at current market value when you purchase. Washington County Assessor's office administers a Homestead Exemption that may reduce assessed value for primary residences — contact the assessor immediately after closing to verify eligibility and claim this benefit. File your homestead claim with the Washington County Tax Assessor within 30 days of purchase to ensure the exemption applies to your first tax bill.