RI Association of REALTORS® Names Josh McGinn Professional Development Director

Josh McGinn of Putnam, Connecticut, has been named Director of Professional Development at the Rhode Island Association of Realtors (RI REALTORS). In his new role, he will oversee the

New Non-Owner-Occupied Property Tax and Multi-Unit Residential Properties

Now that Rhode Island's new statewide Non-Owner-Occupied Property Tax has taken effect, REALTORS® working with any type of residential property, which can include 2-, 3-, and 4-unit dwellings depending on the municipality,  should be aware that some of these properties may now be subject to the tax.

A common misconception is that the tax only affects luxury single-family homes or vacation properties. In reality, the tax applies more broadly. Any property that is classified as residential by the municipality, is not owner occupied, and has an assessed value of $1 million or more may be subject to the tax unless the owner can document that an exemption applies.

R.I.’s Single-Family Home Median Price Hits $550,000 in June

Rhode Island's housing market posted year-over-year gains in closed sales across all residential property types despite ongoing economic uncertainty. Single-family home sales led the way with a 14% increase - the first annual gain in closed transactions this year - while the median sales price climbed to a record monthly high of $550,000, up 5.8% from June 2025.

Non-Owner-Occupied Tax on Residential Properties Over $1 Million

Reminder: Starting on July 1, 2026, owners of residential dwellings that are assessed at more than $1 million are required to pay a new quarterly state property tax on the portion that is over $1 million unless the owners can document that (1) they live in the property for 183 days or more or (2) rent to tenants during the tax period.