All things pertaining to residential real estate in Rhode Island

We at Seaport frequently receive requests to assist in producing videos for neighboring enterprises. We take great pleasure in lending our support however we can. In the attached video, you'll see how my son Christian and I collaborated with Colony Video to generate media content for Vanquish Boats, a company based in New Port, Rhode Island. Not only was this a fantastic opportunity to strengthen our father-son bond, but it was also an incredibly fun experience.

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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…

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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.

For…

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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…

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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 2022 is 16.93 with the highest being Providence at 24.56 and the lowest being Little Compton at 6.04. 

2022 RI Mill Rates by Town Ranked

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…

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