Smart Benefits: IRS Releases ACA Taxpayer Data for 2014
Rob Calise, GoLocalProv Business/Health Expert
Smart Benefits: IRS Releases ACA Taxpayer Data for 2014
Premium Tax Credit Provision
Individuals who signed up for coverage through an Exchange chose to either have advance payments of the premium tax credit (APTC) made to their insurance provider to reduce their premiums through the year or get a premium tax credit (PTC) at tax time, or some combination of the two. Most eligible individuals opted for advance credit payments up front, and were required to reconcile APTC with the actual amount of PTC they were entitled to at tax time based on their 2014 household income.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST• Among taxpayers who claimed PTC or reconciled APTC, approximately 1.3 million, or about 40 percent, claimed a net PTC (meaning PTC exceeded the APTC paid during the year).
• Approximately 1.6 million, or 50 percent, of taxpayers who claimed PTC or reported APTC reported excess APTC (meaning APTC paid during the year exceeded PTC).
• About .3 million or 10 percent of taxpayers received the correct amount of APTC during the year and did not need to make any adjustments at tax time or did not claim any PTC or APTC on their final return.
The IRS notes that its data on taxpayers who still need to reconcile is through the end of May.
Individual Shared Responsibility Provision
Under the individual shared responsibility provision, individuals are required to have qualifying health insurance coverage for each month of the year, have an exemption from the requirement to have minimal essential coverage, or make an individual shared responsibility payment.
• About 76 percent of taxpayers (currently approximately 102 million tax returns) checked the box to indicate they had qualifying coverage all year. Another approximately 7 million dependents, who do not have to report on their coverage, filed a return and did not have to do anything new this year.
• Approximately 7.5 million taxpayers reported a total of $1.5 billion in individual shared responsibility payments, the average amount of which was around $200.
• About 12 million taxpayers claimed a health care coverage exemption. Of the taxpayers who reported an individual shared responsibility payment, an estimated 300,000 low-income taxpayers reported a payment when they should have claimed a health care coverage exemption.
The Highest Taxed Communities for 2015
#39 New Shoreham
FY 2015 Tax Rates Per $1,000 in Value
Residential: $5.34
Commercial: $5.34
Personal Property: $5.34
Motor Vehicle: $9.75
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $1,148.10
For a 2008 Honda Accord: $147.71
Total Taxes as a % of Median Income:1.43%
Note: Real property is assessed at 80 percent of value. This is reflected in the community's ranking.
#38 Little Compton
FY 2015 Tax Rates Per $1,000 in Value
Residential: $5.64
Commercial: $5.64
Personal Property: $11.28
Motor Vehicle: $13.90
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $1,212.60
For a 2008 Honda Accord: $210.59
Total Taxes as a % of Median Income: 1.56%
#37 Jamestown
FY 2015 Tax Rates Per $1,000 in Value
Residential: $8.75
Commercial: $8.75
Personal Property: $8.75
Motor Vehicle: $14.42
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $1,881.25
For a 2008 Honda Accord: $218.46
Total Taxes as a % of Median Income: 2.46%
#36 Charlestown
FY 2015 Tax Rates Per $1,000 in Value
Residential: $9.90
Commercial: $9.90
Personal Property: $9.90
Motor Vehicle: $13.08
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $2,128.50
For a 2008 Honda Accord: $198.16
Total Taxes as a % of Median Income: 3.20%
#35 Bristol
FY 2015 Tax Rates Per $1,000 in Value
Residential: $13.06
Commercial: $13.06
Personal Property: $13.06
Motor Vehicle: $17.35
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $2,807.90
For a 2008 Honda Accord: $262.85
Total Taxes as a % of Median Income: 5.04%
Note: Bristol had a revaluation or statistical update effective December 31, 2013
#34 Narragansett
FY 2015 Tax Rates Per $1,000 in Value
Residential: $10.04
Commercial: $15.06
Personal Property: $15.06
Motor Vehicle: $16.46
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $2,158.60
For a 2008 Honda Accord: $249.37
Total Taxes as a % of Median Income: 3.58%
#33 Westerly
FY 2015 Tax Rates Per $1,000 in Value
Residential: $10.64
Commercial: $10.64
Personal Property: $10.64
Motor Vehicle: $29.67
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $2,287.60
For a 2008 Honda Accord: $449.50
Total Taxes as a % of Median Income: 4.64%
#32 Portsmouth
FY 2015 Tax Rates Per $1,000 in Value
Residential: $15.80
Commercial: $15.80
Personal Property: $15.80
Motor Vehicle: $22.50
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $3,397.00
For a 2008 Honda Accord: $340.88
Total Taxes as a % of Median Income: 5.10%
Note: Motor vehicles are assessed at 70 percent of value. This is reflected in the community's ranking.
#31 South Kingstown
FY 2015 Tax Rates Per $1,000 in Value
Residential: $15.48
Commercial: $15.48
Personal Property: $15.48
Motor Vehicle: $18.71
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $3,328.20
For a 2008 Honda Accord: $283.46
Total Taxes as a % of Median Income: 4.91%
#30 Newport
FY 2015 Tax Rates Per $1,000 in Value
Residential: $12.06
Commercial:$16.72
Personal Property: $16.72
Motor Vehicle: $23.45
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $2,592.90
For a 2008 Honda Accord: $355.27
Total Taxes as a % of Median Income: 5.11%
#29 Middletown
FY 2015 Tax Rates Per $1,000 in Value
Residential:$16.07
Commercial: $21.34
Personal Property: $16.07
Motor Vehicle: $16.05
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $3,455.05
For a 2008 Honda Accord: $243.16
Total Taxes as a % of Median Income: 5.23%
#28 Exeter
FY 2015 Tax Rates Per $1,000 in Value
Residential: $14.63
Commercial: $14.63
Personal Property: $14.63
Motor Vehicle: $32.59
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $3,145.45
For a 2008 Honda Accord: $493.74
Total Taxes as a % of Median Income: 3.82%
#27 Tiverton
FY 2015 Tax Rates Per $1,000 in Value
Residential: $19.30
Commercial: $19.30
Personal Property: $19.30
Motor Vehicle: $19.14
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,149.50
For a 2008 Honda Accord: $289.97
Total Taxes as a % of Median Income: 6.46%
#26 North Kingstown
FY 2015 Tax Rates Per $1,000 in Value
Residential: $18.91
Commercial: $18.91
Personal Property: $18.91
Motor Vehicle: $22.04
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,065.65
For a 2008 Honda Accord: $333.91
Total Taxes as a % of Median Income: 5.49%
#25 Richmond
FY 2015 Tax Rates Per $1,000 in Value
Residential: $20.94
Commercial: $20.94
Personal Property: $20.94
Motor Vehicle: $22.64
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,502.10
For a 2008 Honda Accord: $343.00
Total Taxes as a % of Median Income: 5.88%
Notes:
1. Motor vehicles are assessed at 80 percent of value. This is reflected in the community's ranking
2. Richmond had a revaluation or statistical update effective Dec. 31, 2013
#24 Hopkinton
FY 2015 Tax Rates Per $1,000 in Value
Residential: $20.64
Commercial: $20.64
Personal Property: $20.64
Motor Vehicle: $21.18
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,437.60
For a 2008 Honda Accord: $320.88
Total Taxes as a % of Median Income: 7.13%
Note: Hopkinton had a revaluation or statistical update effective Dec. 31, 2013
#23 Cumberland
FY 2015 Tax Rates Per $1,000 in Value
Residential: $17.08
Commercial: $17.08
Personal Property: $29.53
Motor Vehicle: $19.87
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $3,672.20
For a 2008 Honda Accord: $301.03
Total Taxes as a % of Median Income: 5.42%
Note: Cumberland had a revaluation or statistical update effective Dec. 31, 2013
#22 Coventry
FY 2015 Tax Rates Per $1,000 in Value
Residential: $20.40
Commercial: $24.58
Personal Property: $20.40
Motor Vehicle: $18.75
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,386.00
For a 2008 Honda Accord: $284.06
Total Taxes as a % of Median Income: 7.12%
Note: Coventry had a revaluation or statistical update effective Dec. 31, 2013
#21 Warren
FY 2015 Tax Rates Per $1,000 in Value
Residential: $20.07
Commercial: $20.07
Personal Property: $20.07
Motor Vehicle:$26.00
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,315.05
For a 2008 Honda accord: $393.90
Total Taxes as a % of Median Income: 8.62%
#20 East Greenwich
FY 2015 Tax Rates Per $1,000 in Value
Residential: $23.26
Commercial: $23.26
Personal Property: $23.26
Motor Vehicle: $22.88
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $5,000.90
For a 2008 Honda accord: $346.63
Total Taxes as a % of Median Income: 5.48%
#19 Burrillville
FY 2015 Tax Rates Per $1,000 in Value
Residential: $18.88
Commercial: $18.88
Personal Property: $18.88
Motor Vehicle: $40.00
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,059.20
For a 2008 Honda Accord: $606.00
Total Taxes as a % of Median Income: 7.01%
#18 Barrington
FY 2015 Tax Rates Per $1,000 in Value
Residential: $18.30
Commercial: $18.30
Personal Property: $18.30
Motor Vehicle: $42.00
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $3,934.50
For a 2008 Honda Accord: $636.30
Total Taxes as a % of Median Income: 4.43%
#17 West Greenwich
FY 2015 Tax Rates Per $1,000 in Value
Residential: $22.55
Commercial: $22.55
Personal Property:$33.85
Motor Vehicle: $19.02
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,848.25
For a 2008 Honda Accord: $288.15
Total Taxes as a % of Median Income: 6.36%
Notes:
1. Does not include rate for vacant land which is $16.07
2. West Greenwich has a homestead exemption
3. West Greenwich had a revaluation or statistical update effective Dec. 31, 2013
#16 Foster
FY 2015 Tax Rates Per $1,000 in Value
Residential: $21.06
Commercial: $21.06
Personal Property: $28.96
Motor Vehicle: $36.95
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,527.90
For a 2008 Honda Accord: $559.79
Total Taxes as a % of Median Income: 6.26%
#15 Scituate
FY 2015 Tax Rates Per $1,000 in Value
Residential: $18.98
Commercial: $21.94
Personal Property: $40.38
Motor Vehicle: $30.20
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,080.70
For a 2008 Honda Accord: $457.53
Total Taxes as a % of Median Income: 5.52%
Note: Motor vehicles are assessed at 95 percent of value. This is reflected in the community's ranking.
#14 North Smithfield
FY 2015 Tax Rates Per $1,000 in Value
Residential: $16.02
Commercial: $17.77
Personal Property: $42.80
Motor Vehicle: $37.62
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $3,444.30
For a 2008 Honda Accord: $569.94
Total Taxes as a % of Median Income: 5.21%
#13 Glocester
FY 2015 Tax Rates Per $1,000 in Value
Residential: $21.77
Commercial: $24.74
Personal Property: $43.34
Motor Vehicle: $24.37
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,680.55
For a 2008 Honda Accord: $369.21
Total Taxes as a % of Median Income: 6.31%
Note: Glocester had a revaluation or statistical update effective Dec. 31, 2013
#12 Lincoln
FY 2015 Tax Rates Per $1,000 in Value
Residential: $23.57
Commercial: $26.94
Personal Property: $37.02
Motor Vehicle: $30.66
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $5,067.55
For a 2008 Honda Accord: $464.50
Total Taxes as a % of Median Income: 7.33%
Note: Lincoln Has a homestead exemption.
#11 Warwick
FY 2015 Tax Rates Per $1,000 in Value
Residential: $20.06
Commercial: $30.09
Personal Property: $40.12
Motor Vehicle: $34.60
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,312.90
For a 2008 Honda Accord: $524.19
Total Taxes as a % of Median Income: 7.93%
#10 West Warwick
FY 2015 Tax Rates Per $1,000 in Value
Residential:
- For apartments with 6+ units: $36.28
- For Two to Five Family buildings: $36.45
- For Single family homes: $25.3
Commercial: $30.85
Personal Property: $40.13
Motor Vehicle: $28.47
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $5,458.85
For a 2008 Honda Accord: $431.32
Total Taxes as a % of Median Income: 11.46%
Note: For rankng purposes, an average of the three residential rates was used.
#9 Smithfield
FY 2015 Tax Rates Per $1,000 in Value
Residential: $17.13
Commercial: $17.13
Personal Property: $59.70
Motor Vehicle: $39.00
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $3,682.95
For a 2008 Honda Accord: $590.85
Total Taxes as a % of Median Income: 5.89%
#8 Cranston
FY 2015 Tax Rates Per $1,000 in Value
Residential: $22.84
Commercial: $34.26
Personal Property: $34.26
Motor Vehicle: $42.44
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,910.60
For a 2008 Honda Accord: $642.97
Total Taxes as a % of Median Income: 9.45%
#7 East Providence
FY 2015 Tax Rates Per $1,000 in Value
Residential: $22.95
Commercial: $25.40
Personal Property: $56.67
Motor Vehicle: $37.10
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,934.25
For a 2008 Honda Accord: $562.07
Total Taxes as a % of Median Income:11.09%
Notes:
1. Rates are for FY 2014
2. East Providence has homestead exemptions
#6 Johnston
FY 2015 Tax Rates Per $1,000 in Value
Residential: $28.75
Commercial: $28.75
Personal Property: $59.22
Motor Vehicle: $41.46
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $6,181.25
For a 2008 Honda Accord: $628.12
Total Taxes as a % of Median Income: 11.99%
Note: Johnston has homestead exemptions
#5 Pawtucket
FY 2015 Tax Rates Per $1,000 in Value
Residential: $23.06
Commercial: $30.88
Personal Property: $52.09
Motor Vehicle: $53.30
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,957.90
For a 2008 Honda Accord: $807.50
Total Taxes as a % of Median Income: 14.28%
#4 Woonsocket
FY 2015 Tax Rates Per $1,000 in Value
Residential: $35.94
Commercial: $39.99
Personal Property: $46.58
Motor Vehicle: $46.58
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $7,727.10
For a 2008 Honda Accord: $705.69
Total Taxes as a % of Median Income: 21.99%
Note: Woonsocket has homestead exemptions
#3 North Providence
FY 2015 Tax Rates Per $1,000 in Value
Residential: $27.94
Commercial: $34.68
Personal Property: $69.91
Motor Vehicle: $41.95
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $6,007.10
For a 2008 Honda Accord: $635.54
Total Taxes as a % of Median Income: 13.04%
Notes:
1. North Providence has homestead exemptions
2. North Providence had a revaluation or statistical update effective Dec. 31, 2013
#2 Providence
FY 2015 Tax Rates Per $1,000 in Value
Residential:
- For owner-occupied residential property: $19.25
- For non-owner-occupied residential property: $33.75
Commercial: $36.75
Personal Property: $55.80
Motor Vehicle: $60.00
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $4,138.75
For a 2008 Honda Accord: $909.00
Total Taxes as a % of Median Income: 13.20%
Note: For ranking purposes, the average of two residential rates was used
#1 Central Falls
FY 2015 Tax Rates Per $1,000 in Value
Residential: $27.26
Commercial: $39.48
Personal Property: $73.11
Motor Vehicle: $48.65
Tax Cost for Residents
Taxes for a Single Family Home Valued at $215,000: $5,860.90
For a 2008 Honda Accord: $737.05
Total Taxes as a % of Median Income: 22.54%
Note: Central Falls has homestead exemptions
