Rhode Island housing costs at a glance
| Rhode Island | |
|---|---|
| Median home value (Zillow) | $515,000 |
| Average effective property tax | 1.0% |
| Typical rate for a new buyer (calculator default) | 1.1% |
| Average homeowners insurance ($300k dwelling) | $2,364 a year |
| 2026 conforming loan limit (one unit) | $832,750 |
Example: median-priced home
Rhode Island home for $515,000, 20% down, 6.5% 30-year fixed: principal and interest $2,604 + property tax $472 + insurance $197 = about $3,273 a month. Enter your own rate quote and the actual tax rate of the property for a precise figure.
Rhode Island property tax
Each Rhode Island city and town sets its own rate per $1,000 of assessed value, and many, including Providence, tax owner-occupied homes at a lower rate or give a homestead exemption; apply with the tax assessor. The average effective rate is about 1% of value. Towns revalue every three years, with a full revaluation every nine.
Other Rhode Island costs
- Realty conveyance tax: $4.60 per $1,000 of the price (0.46%), with a higher rate on the part above $800,000; paid by the seller.
- Insurance: about $2,360 a year on average; coastal homes need wind and often flood coverage.
- See also the Rhode Island paycheck calculator for income tax and TDI.
Other states
See also the Rhode Island paycheck calculator and mortgage costs in other states.
Frequently asked questions
What is the property tax rate in Rhode Island?
About 1% of home value on average; many towns give owner-occupants a lower rate or exemption.
What is the monthly payment on a median-priced Rhode Island home?
On a $515,000 home with 20% down at 6.5%, principal and interest are about $2,604; with property tax at 1.1% and average insurance the total is about $3,273 a month.
Who pays the conveyance tax in Rhode Island?
The seller: $4.60 per $1,000 of the price, more on the part above $800,000.
How often are Rhode Island homes revalued?
Every three years, with a full revaluation every nine years.
For information only; not a loan offer. Property tax, insurance and closing costs depend on the specific property and lender.
Sources
- Rhode Island Division of Municipal Finance – tax rates
- FHFA – 2026 conforming loan limits
- U.S. Census Bureau ACS 2024 – real estate taxes (via NAHB / Construction Coverage)
- Zillow Home Value Index
- Insurify – home insurance by state
Rules checked: October 2026