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        <title>Seaport Real Estate Services Blog</title>
        <link>https://www.seaportre.com/blog/2024-07/</link>
        <description>Read up on the latest happenings in the housing market, plus get some tips whether your buying a new home or selling your old. We have must reads for first time home buyers. </description>
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    <guid>https://www.seaportre.com/blog/2024-rhode-island-commercial-mill-rates-by-town.html</guid>
    <link>https://www.seaportre.com/blog/2024-rhode-island-commercial-mill-rates-by-town.html</link>
        <author>tbray@seaportre.com (Tim Bray)</author>
        <title>2024 Rhode Island Commercial Mill Rates by Town</title>
    <description> <![CDATA[ 






Tax rates, even within a state, are not universal In Rhode Island, commercial mill rates or tax rates differ compared to residential rates in many towns, but are the same in others. Based on the 2024 data, the average residential property tax for the 39 municipalities in Rhode Island is approximately 14.35, while the average for commercial property is about 20.37. Interestingly, 27 of the municipalities have a higher commercial 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. This discrepancy might also indicate the degree of reliance on property tax within the municipality. Tax rates tend to be higher in areas with a higher assessed value for commercial property. For example, the urban core and urban ring municipalities typically have higher tax rates, with an average tax rate of 24.82 for the urban core municipalities. Newport stands out with a significantly lower tax rate within this group. The urban ring municipalities have an average tax rate of 24.68 and are areas where commercial real estate tax rates are universally higher than residential property rates.


In suburban municipalities, the average tax rate is 14.41, with only 50 having higher rates for commercial properties compared to residential properties. For rural municipalities, the average tax rate is 14.17, with 26.67 having higher rates for commercial properties than residential properties. The net assessed value for commercial property is highest in the urban core area, followed by the urban ring municipalities, with rural municipalities having the lowest net assessed value for commercial properties.





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 Westerly is assessed at $1,000,000. Central Falls has a commercial property tax rate of 9.62. The property taxes for the commercial property in Central Falls is $42,330 a year.


($1,000,000 x 42.33)/1000= $9,620





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    <pubDate>Tue, 30 Jul 2024 17:10:00 -0400</pubDate>
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    <guid>https://www.seaportre.com/blog/2024-ri-base-mill-rates--municipal-district-rates.html</guid>
    <link>https://www.seaportre.com/blog/2024-ri-base-mill-rates--municipal-district-rates.html</link>
        <author>tbray@seaportre.com (Tim Bray)</author>
        <title>2024 RI Base Mill Rates &amp; Municipal District Rates</title>
    <description> <![CDATA[ 





Real Estate Taxes in Rhode Island vary greatly by town and are typically correlated to the services which each town provides to its residents. 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 property tax rate in Rhode Island for 2024 is 14.43 with the highest being West Greenwich at 24.51 and the lowest being Little Compton at 4.96.





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 home in Charlestown is assessed at $1,000,000. Charlestown has a property tax rate of 5.74. The property taxes for the home in Charlestown is $5,740 a year.


($1,000,000 x 5.74)/1000= $5,740




  ]]> </description>
    <pubDate>Tue, 30 Jul 2024 16:40:00 -0400</pubDate>
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    <guid>https://www.seaportre.com/blog/2023-ct-mill-rates.html</guid>
    <link>https://www.seaportre.com/blog/2023-ct-mill-rates.html</link>
        <author>tbray@seaportre.com (Tim Bray)</author>
        <title>2024 CT Mill Rates</title>
    <description> <![CDATA[ 




 


Connecticut's real estate taxes can vary greatly depending on the municipality and districts within them.  The graphic above illustrates the base rates for each town. Additional rates are applied to specific locations where services are provided.  These services can include public water, sewer, trash removal,  police services, or a firehouse.  A town or district with a lower Mill rate may not offer these services.  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 property tax rate in CT for 2024 is $28.93, with the highest being Hartford at $68.95 and the lowest being Salisbury at $11. 


How to Calculate Connecticut Property Taxes


The formula to calculate Connecticut Property Taxes is (Assessed Value x Property Tax Rate + any district tax)/1000= Connecticut Property Tax. Take the Assessed Value of the property, multiply it by the Property Tax Rate, and divide it by 1000.


For example, if a home on Masons Island in the town of Stonington is assessed at $1,000,000. Stonington has a base mill rate of $17.45, and Masons Island has a district tax of $1.60 for every $1,000 assessed value.  The property taxes for the home on Masons Island is $26,060 a year.


($1,000,000 x (23.66+2.40))/1000= $19,050 


How Commercial Properties Play a Role in the Taxes that you pay


The textbook definition of a Mill Rate focuses primarily on the current market value of your home. In appreciating real estate market cycles, your tax bill often follows suit when home values increase. Obviously, this means your taxes can increase even when the mill rate remains unchanged. It also implies that your home's value affects the amount of taxes you pay. At the same time, your town’s mill rate may be increased even while the assessed amount of your home’s value for tax purposes is in decline. Many times it overlooks exterior market forces and conditions that influence whether your town's Mill Rate and in turn, your taxes, may be increased or decreased. 


For example -  Towns with a large commercial tax base in the form of occupied Shopping Malls, Restaurants, Retail, Office &amp; Industrial spaces will typically generate a lower Mill Rate, resulting in a more affordable tax bill for YOU. Pay close attention to those towns, like Waterford, whose tax base was supported by a shopping mall that is in default and on its way out. 


By the same token, if you reside in a town that has not created a larger pool of commercial tax revenue, this shortfall may be passed on to you the local homeowner, resulting in higher taxes you are required to pay.


**The exception to this rule would be rural and sparsely populated towns that do not offer services in the form of public water, sewer, and trash removal. Despite a limited commercial tax base, mill rates in these zip codes often remain relatively low.** 







































Seaport Real Estate Services specializes in monitoring communities with the most budget-friendly property options. Our assessments consider factors such as median household income, median sale price, standard home features, and interest rates. Reach out to us today to devise a tailored plan for your ideal home purchase location.
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    <pubDate>Tue, 30 Jul 2024 12:41:00 -0400</pubDate>
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