Commercial Real Estate Taxes in Rhode Island vary greatly by town and are typically correlated to the services which each town provides. A town with a lower Mill rate may not offer services such as public water and sewer, perhaps waste disposal, or a firehouse. Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average commercial property tax rate in Rhode Island for 2022 is 20.41 with the highest being Central Falls at 42.33 and the lowest being Little Compton at 6.04. Please note that Property taxes can have a substantial impact on the cash flow of a property making it more or less appealing to a lender, investor, or potential owner occupant. Contact a member of Seaport Commercial before investing in commercial real estate.
How to Calculate Rhode Island Property Taxes
The formula to calculate Rhode Island Property Taxes is (Assessed Value x Property Tax Rate)/1000= Rhode Island Property Tax. Take the Assessed Value of the property then multiply it by the Property Tax Rate and then divide it by 1000.
For example, if a commercial property in Central Falls is assessed at $1,000,000. Central Falls has a commercial property tax rate of 42.33. The property taxes for the commercial property in Central Falls is $42,330 a year.
($1,000,000 x 42.33)/1000= $42,330Posted by Tim Bray on
Leave A Comment