Trumann, Arkansas Property Taxes
The median property tax rate in Trumann, AR is 0.90%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Trumann, the typical annual property tax bill is $1,304, which is significantly lower than the national median of $2,690. Property taxes in Trumann are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Trumann'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 Trumann or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Trumann, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,351
Ownwell’s Trumann Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Trumann with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Trumann to provide an estimate of 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 Trumann, Arkansas
Property taxes in Trumann, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Trumann is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Trumann set these rates annually, and they can vary significantly across different neighborhoods. Each year, Trumann 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 Trumann's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72472 has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Trumann 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 Trumann Tax Rate
0.90%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Trumann, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72472 | 0.45% | 0.80% | 0.90% | 0.94% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Trumann, Arkansas
In Trumann, 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 Trumann, 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 Trumann helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Trumann is $150,105, with annual tax bills ranging from $724 at the 25th percentile to $1,612 at the 75th percentile. The zip code with the highest and lowest median tax bill is 72472, both at $1,304.
Average Trumann Assessed Value
$150,105
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 Trumann, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72472 | $70,312 | $78,910 | $150,105 | $178,305 | $264,115 |
Source: Ownwell
Property Tax Bills Across Trumann, Arkansas
In Trumann, located in Craighead County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Trumann is $150,105. To determine the tax bill, the assessed value is multiplied by the local tax rate. In Trumann, the median property tax rate is lower than the national median of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Trumann can expect their tax bills to vary significantly, with the 25th percentile paying around $724 and the 75th percentile paying approximately $1,612. At the 90th percentile, tax bills can reach up to $1,707. The highest median tax bill in the area is $1,304, found in the zip code 72472. These property taxes fund essential local services such as schools, public safety, and infrastructure, impacting the quality of life for residents. Understanding how these factors interplay can help homeowners better anticipate their annual financial obligations.
Average Trumann Tax Bill
$1,304
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Trumann, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72472 | $635 | $724 | $1,304 | $1,612 | $1,707 |
Source: Ownwell