What is the method used to calculate property taxes in Rhode Island?
Property taxes in Rhode Island are calculated using a method called the ad valorem system. This system determines the value of a property based on its market value, which is then multiplied by the local tax rate to calculate the property tax owed. The local tax rate is determined by the municipality and is usually expressed as a percentage. This method ensures that property owners pay taxes in proportion to the value of their property, promoting fairness and equity in the tax system.
