Gassville, Arkansas Property Taxes
The median property tax rate in Gassville, AR is 0.62%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $113,200 in Gassville, the typical annual property tax bill is $699, significantly below the national median of $2,690. Property taxes in Gassville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gassville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gassville or another part of Baxter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gassville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$702
Ownwell’s Gassville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gassville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gassville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gassville, Arkansas
Property taxes in Gassville, AR, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gassville is 0.62%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Gassville set these rates annually, and they can vary across different neighborhoods. Each year, Gassville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Gassville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72635 zip code has the highest median property tax rate of 0.62%, while the 72635 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Gassville provides valuable insights into the varying tax landscape across Baxter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gassville Tax Rate
0.62%
Average Baxter County Tax Rate
0.65%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gassville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72635 | 0.45% | 0.55% | 0.62% | 0.70% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Gassville, Arkansas
In Gassville, Arkansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Baxter County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Gassville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Gassville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Gassville is $699, with the highest and lowest median tax bills both found in zip code 72635.
Average Gassville Assessed Value
$113,200
Average Baxter County Assessed Value
$137,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gassville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72635 | $36,770 | $78,325 | $113,200 | $159,350 | $251,850 |
Source: Ownwell
Property Tax Bills Across Gassville, Arkansas
In Gassville, Baxter County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Gassville is $113,200. Homeowners can expect their property tax bill to vary within a range, with the 25th percentile tax bill at $480 and the 75th percentile at $1005. At the higher end, the 90th percentile tax bill reaches $1560. The median property tax bill in the area is $699, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These factors combined determine the final amount due. Lower property tax rates can make homeownership more affordable, but it's essential for homeowners to stay informed about potential changes in property values and tax rates that could affect their annual tax obligations.
Average Gassville Tax Bill
$699
Average Baxter County Tax Bill
$862
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gassville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72635 | $250 | $480 | $699 | $1,005 | $1,560 |
Source: Ownwell