NL County Appreciation

Investing in real estate is a significant decision, and understanding how property values have appreciated over time is crucial for both buyers and sellers. In this blog, we delve into 24 years of data from various towns in New London County, revealing average sales, typical home sizes, sales prices, and yearly appreciation rates. Join us on this insightful journey as we explore the real estate landscape of New London County.

1. Analyzing Appreciation Rates: Appreciation rates are a key indicator of a town's growth and desirability. Let's explore some noteworthy findings.

  • Stonington: With a staggering 9.89% average yearly appreciation rate, Stonington has been a lucrative market for homeowners and investors alike. Its charm and natural beauty…

794 Views, 0 Comments

How to Evaluate Commercial Property

Tax rates, even within a state, are not universal! In Rhode Island, commercial mill rates or tax rates are different compared to the residential rates in some towns, but the same in others. The average residential property tax for the 39 municipalities in Rhode Island is 15.65 for residential property, but 19.60 for commercial property, but only 21 of the municipalities have a higher rate! Why is there this discrepancy? What do some towns provide that makes the mill rate different? 

A higher commercial tax rate often reflects the higher level of services available within the area. But this might also reflect the degree of reliance on property tax within the municipality. Tax rates are higher within areas…

106 Views, 0 Comments

How to Determine the Relative Cost of Similarly Priced Properties.

When you start your home search, understand your purchase power. Although “location, location, location” is a common phrase in real estate, location also impacts the relative value of similarly priced properties in different towns.

Real estate taxes vary drastically by town in the state of Rhode Island. Unlike Connecticut which utilizes 70% of a home’s value, Rhode Island takes 100% of your home’s assessed taxable value when calculating property taxes. These property taxes are calculated using the assessed taxable value of the home and a mill rate. A mill rate (tax rate), in other words, is the amount of tax payable per dollar of the assessed value of a property.


307 Views, 0 Comments