Lakeside, Arkansas Property Taxes
The median property tax rate in Lakeside, 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 $61,650 in Lakeside, the typical annual property tax bill amounts to $504, which is significantly below the national median of $2,690. Property taxes in Lakeside are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lakeside'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 Lakeside 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
Lakeside, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$555
Ownwell’s Lakeside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeside 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 Lakeside, Arkansas
Property taxes in Lakeside, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeside is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Lakeside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeside 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 Lakeside's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 71901 in Garland County has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Lakeside provides valuable insights into the varying tax landscape across Garland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeside Tax Rate
0.90%
Average Garland County Tax Rate
0.59%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeside, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | 0.66% | 0.78% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Lakeside, Arkansas
In Lakeside, 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 Garland 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 Lakeside, 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 Lakeside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $504 in the 71901 zip code, while the lowest is also recorded at $504 in the same zip code.
Average Lakeside Assessed Value
$61,650
Average Garland County Assessed Value
$162,300
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeside, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $12,060 | $20,375 | $61,650 | $100,975 | $487,090 |
Source: Ownwell
Property Tax Bills Across Lakeside, Arkansas
In Lakeside, Garland County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. To determine the tax bill, the assessed value is multiplied by the local tax rate. For example, with a median home price of $61,650, homeowners can expect varied tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in Lakeside range significantly, with the 25th percentile at $183 and the 75th percentile at $838. At the higher end, the 90th percentile tax bill reaches $3,410. These variations highlight the impact of property characteristics and local tax policies on homeowners' financial responsibilities. Comparing these figures to the national median property tax rate of 0.99%, Lakeside homeowners generally experience lower tax burdens, making it an attractive location for property investment.
Average Lakeside Tax Bill
$504
Average Garland County Tax Bill
$863
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeside, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $108 | $183 | $504 | $838 | $3,410 |
Source: Ownwell