Elizabeth, Arkansas Property Taxes
The median property tax rate in Elizabeth, Arkansas is 0.90%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $60,350 in Elizabeth, the typical annual property tax bill amounts to $480, well below the national median of $2,690. Property taxes in Elizabeth are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elizabeth'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 Elizabeth 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
Elizabeth, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$543
Ownwell’s Elizabeth Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you can plan your finances effectively. For those interested in seeing trends on a neighborhood level, more localized information is available further down the page. Your property’s assessed value, determined by the county for property tax purposes, will account for any applicable exemptions.
Property Tax Rates Across Elizabeth, Arkansas
Property taxes in Elizabeth, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72531 has both the highest and lowest median property tax rate in the region, set at 0.90%. Understanding how these areas compare with Elizabeth provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
0.90%
Average Fulton County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72531 | 0.65% | 0.78% | 0.90% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elizabeth, Arkansas. 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 Fulton 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 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 Elizabeth is $60,350, with tax bills ranging from $224 at the 25th percentile to $1,263 at the 90th percentile. The highest median tax bill is $480, found in the 72531 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 manage the tax burden effectively.
Average Elizabeth Assessed Value
$60,350
Average Fulton County Assessed Value
$68,050
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabeth, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72531 | $12,760 | $27,850 | $60,350 | $96,200 | $147,450 |
Source: Ownwell
Property Tax Bills Across Elizabeth, Arkansas
In Elizabeth, Fulton County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. For homeowners in Elizabeth, the median home price stands at $60,350. Property tax bills vary significantly, with the 25th percentile at $224 and the 75th percentile reaching $773. The 90th percentile sees tax bills as high as $1,263. Factors affecting the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential community services such as public schools, infrastructure, and emergency services. Homeowners in Elizabeth may find their property tax bills relatively manageable compared to the national median property tax rate of 0.99%. However, understanding the factors that contribute to their tax bill is crucial for effective financial planning.
Average Elizabeth Tax Bill
$480
Average Fulton County Tax Bill
$483
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72531 | $106 | $224 | $480 | $773 | $1,263 |
Source: Ownwell