Floral, Arkansas Property Taxes
The median property tax rate in Floral, Arkansas is 0.51%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $58,295 in Floral, the typical annual property tax bill is around $200, far below the national median of $2,690. Property taxes in Floral are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Floral'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 Floral or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Floral, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$297
Ownwell’s Floral Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Floral with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floral 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 Floral, Arkansas
Property taxes in Floral, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floral is 0.51%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Floral set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floral 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 Floral's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72534 has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Floral provides valuable insights into the varying tax landscape across Cleburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Floral Tax Rate
0.51%
Average Cleburne County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Floral, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72534 | 0.10% | 0.20% | 0.51% | 0.73% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Floral, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Floral, Arkansas. The market value represents 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 Cleburne 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 Floral, 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. For instance, the median home price in Floral is $58,295, with tax bills ranging from $52 at the 25th percentile to $1,019 at the 90th percentile. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Floral Assessed Value
$58,295
Average Cleburne County Assessed Value
$128,200
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Floral, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72534 | $6,727 | $23,700 | $58,295 | $109,808 | $198,944 |
Source: Ownwell
Property Tax Bills Across Floral, Arkansas
In Floral, located in Cleburne County, AR, property tax bills are calculated based on the assessed value of your home. This assessed value is a percentage of the home's market value, which in Floral, has a median home price of $58,295. The local tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Floral can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $52, while at the 75th percentile, it jumps to $622. Those in the 90th percentile can see tax bills as high as $1,019. These variations depend on several factors, including property size, location, and any applicable exemptions. The highest and lowest median tax bills in the area are both $200, specifically in the 72534 zip code. Compared to the national median property tax rate of 0.99%, Floral's property taxes can be relatively low, which can be advantageous for homeowners looking to manage their annual expenses.
Average Floral Tax Bill
$200
Average Cleburne County Tax Bill
$753
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Floral, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72534 | $18 | $52 | $200 | $622 | $1,019 |
Source: Ownwell