Horseshoe Lake, Arkansas Property Taxes
The median property tax rate in Horseshoe Lake, AR is 0.95%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Horseshoe Lake at $62,375, the typical annual property tax bill is $595, significantly lower than the national median of $2,690. Property taxes in Horseshoe Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Horseshoe Lake'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 Horseshoe Lake 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
Horseshoe Lake, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$593
Ownwell’s Horseshoe Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Horseshoe Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Horseshoe Lake 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 Horseshoe Lake, Arkansas
Property taxes in Horseshoe Lake, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Horseshoe Lake is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Horseshoe Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Horseshoe Lake 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 Horseshoe Lake's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72348 zip code has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these cities compare with Horseshoe Lake provides valuable insights into the varying tax landscape across Crittenden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Horseshoe Lake Tax Rate
0.95%
Average Crittenden County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Horseshoe Lake, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72348 | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Horseshoe Lake, Arkansas
In Horseshoe Lake, 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 Crittenden 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 Horseshoe Lake, 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 Horseshoe Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Horseshoe Lake is $62,375, with the highest and lowest median tax bill being $595 in the 72348 zip code.
Average Horseshoe Lake Assessed Value
$62,375
Average Crittenden County Assessed Value
$81,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Horseshoe Lake, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72348 | $42,315 | $49,838 | $62,375 | $74,912 | $82,435 |
Source: Ownwell
Property Tax Bills Across Horseshoe Lake, Arkansas
Property tax bills in Horseshoe Lake, located in Crittenden County, AR, are determined by assessing the property value and applying the local tax rate. The assessed value is typically a percentage of the property's market value, which in this region results in a median home price of $62,375. Homeowners in Horseshoe Lake can expect their property tax bills to vary based on several factors, including the assessed value of their property and the specific tax rate applied by local authorities. For instance, property tax bills in the 25th percentile are around $475, while those in the 75th percentile reach up to $715. At the 90th percentile, tax bills can be as high as $786. This range shows how property values and tax rates can significantly impact the amount homeowners are required to pay. Compared to the national median property tax rate of 0.99%, the property tax bills in Horseshoe Lake reflect the local economic conditions and property market, influencing the financial responsibilities of homeowners in the area.
Average Horseshoe Lake Tax Bill
$595
Average Crittenden County Tax Bill
$662
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Horseshoe Lake, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72348 | $404 | $475 | $595 | $715 | $786 |
Source: Ownwell