Home Buying in College Hill>Question Details

Ssharnoff, Home Buyer in College Hill, Provid...

Are the property taxes on a Providence house half of what's shown on the listings if it's owner-occupied?

Asked by Ssharnoff, College Hill, Providence, RI Thu Nov 10, 2011

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Hi, my name is Steve Gillikin, Broker with RE/MAX New Horizons in Providence. That other answer is not correct. Many times, the MLS listings will list the current tax being paid by that owner, but many agents either have an old assessment or incorrect tax rate per thousand of assessed value. In 2011, the real estate tax rate in Providence is $31.89 per thousand of assessed value, so if the home is valued at $200,000. then the total tax bill would be $6,378. However if the property is owner occupied and that homeowner has the homestead exemption filed with the city, then they would pay 50% of that amount as the owner occupied homestead exemption is 50%. If there is no owner occupied homestead exemption, then the home would have an automatic 15% exemption this year. It used to be 30% in 2010, but the city upped the non-owner status tax in 2011. If you buy a home that does not have that owner occuied status, if you close by December 31st, 2011, you would have until March 30 2012 to file for the exemption, but you have to be able to prove ownership and residency as of the 1st of the new year or loose that exemption for the entire 2012 year. If you close on Jan 1st, you can not file until 2013.
2 votes Thank Flag Link Thu Nov 10, 2011
Thanks for clarification, but a majority of the properties on the east side and east side real estate companies reflect the homestead in their listings.
0 votes Thank Flag Link Thu Nov 10, 2011
And this is Donnie Bennett from BLACKSTONE/OCEAN Properties. Just here to say that Steve Gillikin is wild cowboy of a Broker... and he KNOWS his stuff. His answer is spot on and 100% correct!!
0 votes Thank Flag Link Thu Nov 10, 2011
$36 per sqft... Sorry for not being more detailed.
0 votes Thank Flag Link Thu Nov 10, 2011
Their is a 50% discount on your taxes in the city of providence if you owner occupy your property. The listings usually reflect the discount. The current rate is $36 for providence. Any questions you can email me ben.scungio@liladelman.com.
0 votes Thank Flag Link Thu Nov 10, 2011
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