Gateway, Arkansas Property Taxes
The median property tax rate in Gateway, AR is 0.90%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $93,600 in Gateway, the typical annual property tax bill amounts to $889, which is significantly lower than the national median of $2,690. Property taxes in Gateway are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Gateway's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gateway or another part of Benton County, grasping the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Gateway, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Gateway Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gateway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gateway 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 Gateway, Arkansas
Property taxes in Gateway, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Gateway is 0.90%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Gateway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gateway 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 Gateway's effective property tax rate to other regions in Arkansas and the national median. For comparison, the zip code 72733 has the highest median property tax rate of 0.90%, while the same zip code 72733 has the lowest median tax rate of 0.90%. Understanding how these cities compare with Gateway provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gateway Tax Rate
0.90%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gateway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72733 | 0.63% | 0.76% | 0.90% | 1.01% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Gateway, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gateway, Arkansas. 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 Benton County Appraisal District 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 Gateway, 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. The median home price in Gateway is $93,600, with property tax bills ranging significantly. For instance, the 25th percentile tax bill is $422, while the 75th percentile tax bill is $1,473. Notably, the highest and lowest median tax bills are both $889 in the 72733 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gateway Assessed Value
$93,600
Average Benton County Assessed Value
$211,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gateway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72733 | $17,470 | $40,400 | $93,600 | $183,850 | $250,520 |
Source: Ownwell
Property Tax Bills Across Gateway, Arkansas
In Gateway, Benton County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For example, if the median home price is $93,600, the assessed value is determined by local assessment rates. The property tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the specific tax rate set by local authorities and any applicable exemptions or deductions. Homeowners in Gateway can expect their property tax bills to vary significantly. For instance, tax bills range from $422 at the 25th percentile to $1,473 at the 75th percentile, with the 90th percentile reaching $2,088. The median tax bill in the area stands at $889, which is below the national median property tax rate of 0.99%. These tax bills impact homeowners by contributing to the overall cost of homeownership, affecting affordability and potentially influencing decisions on buying or selling property.
Average Gateway Tax Bill
$889
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gateway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72733 | $165 | $422 | $889 | $1,473 | $2,088 |
Source: Ownwell