Rhode Island— Property Tax & Closing Costs
2024 Census dataEffective tax rate
0.89%
of assessed value annually
Median home value
$609,700
2024 ACS survey
Median taxes paid
$5,414/yr
2024 data
Newport County's 0.89% effective property tax rate falls in the middle 50% of US counties — close to the national median of 0.81%. Within Rhode Island's 5 counties, it's the 1st lowest. On the county's median home value of $609,700, the typical homeowner pays $5,414 annually in property tax — $3,785 more than the national median of $1,629. At closing, Rhode Island's 0.75% combined real estate transfer tax adds roughly $4,573 on a median-priced home, typically paid by the seller. About 8.3% of the county lies within a FEMA flood hazard zone — worth checking msc.fema.gov for any specific address before buying.
Calculate your true cost
Enter any purchase price to see the full cost breakdown for Newport County.
County median: $609,700
Leave at $0 if the property has no homeowners association.
LTV: 80.00%
At closing
Monthly ongoing
Year one
Moderate flood risk. Some neighborhoods require flood insurance — check your property at msc.fema.gov.
All figures are estimates for planning purposes only. Mortgage payment assumes a 30-year fixed rate of 6.8% — your lender will confirm the actual rate. Closing costs vary by lender and transaction. Consult a licensed real estate attorney and lender before making any financial decisions.
Rhode Island property tax exemptions
Ways buyers in Newport County may reduce their annual property tax. These programs apply statewide; verify county specifics with your local assessor.
Local Homestead Exemptions
Rhode Island has no statewide homestead exemption; cities and towns set their own. Providence offers a 40% owner-occupied residential exemption, North Providence a 20% exemption, and Cranston a ~$12,495 reduction.
View official source →Veterans Exemption (RIGL 44-3-4)
Statutory minimum $282 exemption for qualifying veterans; disabled veteran exemptions scaled from $582 to $5,808 by disability rating; Gold Star parents $5,808. Municipalities may increase amounts locally.
View official source →Senior/Elderly Exemption (local option)
Most RI cities and towns offer an elderly exemption for residents 65+ (or 62+ on Social Security in some towns). Statutory minimum around $460 with larger local amounts subject to income tests.
View official source →Last verified 2026-04. Exemption amounts and eligibility change frequently — always confirm with your county assessor before claiming.
Frequently asked questions
Answers to common questions about buying a home in Newport County.
The effective property tax rate in Newport County is 0.89% — calculated as the median annual property tax paid ($5,414) divided by the median home value ($609,700), using 2024 US Census ACS 5-year estimates. Your actual bill depends on your purchase price, homestead or senior exemptions, and any special assessments applied in your taxing district.
Rhode Island's combined real estate transfer tax is approximately 0.75% of the purchase price. On the median Newport County home value of $609,700, this adds roughly $4,573 at closing. Rate increased from $2.30/$500 to $3.75/$500 (0.75%) effective January 1, 2026 — a 63% increase enacted in the FY2026 budget. Tier 2 threshold for an additional higher rate on luxury portions is $824,000 (adjusted annually). Seller-paid by custom. Revenue dedicated to affordable housing programs.
Only in parts. About 8.3% of Newport County's land area is within a FEMA Special Flood Hazard Area. Most homes are outside these zones, but worth verifying the specific address at msc.fema.gov.
Closing costs for a buyer in Newport County typically run $12,194–$30,485 (2–5% of purchase price) on a median-priced home, including title insurance ($800–$2,000), appraisal ($400–$700), home inspection ($350–$600), recording fees ($100–$300), and loan origination (0.5–1.0% of the loan amount). Use the calculator above for a specific estimate at your purchase price.
Data sources for Newport County
Every figure on this page is traceable. Verify the numbers yourself against the original public data.
Source for the 0.89% effective property tax rate, median home value, and median taxes paid (ACS 5-year, 2024 vintage).
Source for county-level flood zone exposure, wildfire risk, and other natural hazard ratings. Updated quarterly by FEMA.
Look up a specific property's flood zone and insurance rate map before making an offer on a home in Newport County.
Guides for Rhode Island home buyers
What every buyer should read before making an offer.
HOA Documents
HOA lawsuits — how to check for pending litigation against your future HOA before you close
A buyer closed on a house and only then found out about ongoing HOA lawsuits. Six checks you can run yourself before your contingencies expire.
Read the guide →HOA Documents
Undisclosed HOA special assessment — what you can do if you find out after closing
HOA special assessment not on the disclosure? One buyer got a $15,000 bill the day after closing. How to catch it before — and what to do after.
Read the guide →