Is Love Trains here?

[Deleted]

She posted a question to me on the Nest a few days ago that I never saw until now. It's pretty buried now, so I'll post my answer here as well, just in case.

The taxes listed on realtor sites are wrong, in my experience. Providence has a homestead exemption, which means if you're living in the property, 50% of the assessed value is exempt from taxation. This is why the rate per $1,000 appears to be double most other towns in RI.

I believe the rate right now is $31.89 per $1,000 - or for practical purposes $15.95 per $1,000.

I think you could possibly get stuck with the rate in your first year, if the previous owner didn't have the exemption - when you fill out the application, you have to have been living there as of Dec 31. So, I bought my house in May, had the exemption, and had to apply for it in my own name the next January and never had to pay the full amount. If the exemption hadn't been in effect on the property already, I think I could have been screwed for the first six months...