Charleston, Arkansas Property Taxes
The median property tax rate in Charleston, Arkansas is 0.68%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Charleston at $87,800, the typical annual property tax bill amounts to $563, significantly below the national median of $2,690. Property taxes in Charleston are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Charleston'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 Charleston 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
Charleston, 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 Charleston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Charleston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Charleston 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 Charleston, Arkansas
Property taxes in Charleston, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Charleston is 0.52%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Charleston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charleston 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 Charleston's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72933 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Charleston provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Charleston Tax Rate
0.68%
Average Franklin County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charleston, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72933 | 0.18% | 0.41% | 0.68% | 0.94% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Charleston, Arkansas
In Charleston, 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 Franklin 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. Assessment notices in Charleston 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. Charleston's median home price is $87,800, with tax bills ranging from $297 at the 25th percentile to $1,859 at the 90th percentile. The highest median tax bill in the area is $563, found in the 72933 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Charleston Assessed Value
$87,800
Average Franklin County Assessed Value
$75,300
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Charleston, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72933 | $35,180 | $60,575 | $87,800 | $146,650 | $223,450 |
Source: Ownwell
Property Tax Bills Across Charleston, Arkansas
In Charleston, property tax bills are calculated based on the assessed value of a home, which is derived from a percentage of its market value. For instance, with a median home price of $87,800, the tax bill can vary significantly depending on the assessed value and applicable tax rate. Homeowners in the 25th percentile might see a tax bill around $297, while those in the 75th percentile could face charges up to $1,021. In some cases, bills can reach as high as $1,859 for those in the 90th percentile. Factors such as property location, local tax rates, and any applicable exemptions play crucial roles in determining the final bill. Compared to the national median property tax rate of 0.99%, Charleston's rates can lead to different financial outcomes for homeowners. Understanding these factors is essential for homeowners to manage their finances effectively and anticipate their annual property tax obligations.
Average Charleston Tax Bill
$563
Average Franklin County Tax Bill
$476
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Charleston, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72933 | $113 | $297 | $563 | $1,021 | $1,859 |
Source: Ownwell