Leachville, Arkansas Property Taxes
The median property tax rate in Leachville, AR is 0.68%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $100,540 in Leachville, the typical annual property tax bill amounts to $658, significantly below the national median of $2,690. Property taxes in Leachville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Leachville'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 Leachville 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
Leachville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$684
Ownwell’s Leachville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leachville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leachville 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 Leachville, Arkansas
Property taxes in Leachville, Arkansas, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Leachville is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Leachville set these rates annually, and they can vary across different neighborhoods. Each year, Leachville 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 Leachville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72438 zip code has both the highest and lowest median property tax rate at 0.68%. Understanding how these cities compare with Leachville provides valuable insights into the varying tax landscape across Craighead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leachville Tax Rate
0.68%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leachville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72438 | 0.50% | 0.61% | 0.68% | 0.76% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Leachville, Arkansas
In Leachville, 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 Craighead 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 Leachville, 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 Leachville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72438 has the highest and lowest median tax bill at $658.
Average Leachville Assessed Value
$100,540
Average Craighead County Assessed Value
$151,595
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leachville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72438 | $21,306 | $71,764 | $100,540 | $160,355 | $205,198 |
Source: Ownwell
Property Tax Bills Across Leachville, Arkansas
In Leachville, property tax bills are determined by assessing the value of your property and applying the local tax rate. The assessed value is typically a percentage of the market value, which is then multiplied by the tax rate to calculate your annual tax bill. For homeowners in Leachville, part of Craighead County, the median home price is $100,540. The property tax bill can vary significantly, with the 25th percentile at $443 and the 75th percentile reaching $1,116. At the 90th percentile, homeowners might see a tax bill as high as $1,301. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Leachville's rates can be considered relatively moderate. Understanding these factors is crucial for homeowners to effectively manage their property taxes and plan their finances accordingly.
Average Leachville Tax Bill
$658
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Leachville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72438 | $199 | $443 | $658 | $1,116 | $1,301 |
Source: Ownwell