Malvern, Arkansas Property Taxes
The median property tax rate in Malvern, AR is 1.07%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Malvern at $130,250, the typical annual property tax bill reaches $952, which is below the national median of $2,690. Property taxes in Malvern are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Malvern'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 Malvern 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
Malvern, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,394
Ownwell’s Malvern Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malvern with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malvern 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 Malvern, Arkansas
Property taxes in Malvern, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Malvern is 1.07%, higher than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Malvern set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malvern 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 Malvern's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72104 zip code has the highest median property tax rate of 1.07%, while the 72104 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Malvern provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Malvern Tax Rate
1.07%
Average Grant County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malvern, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72104 | 0.59% | 0.71% | 1.07% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Malvern, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Malvern, 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 local authorities 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 Malvern, 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 Malvern helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $952.00 in zip code 72104, while the lowest median tax bill is also $952.00 in the same zip code.
Average Malvern Assessed Value
$130,250
Average Grant County Assessed Value
$100,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Malvern, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72104 | $29,775 | $64,738 | $130,250 | $167,562 | $264,500 |
Source: Ownwell
Property Tax Bills Across Malvern, Arkansas
In Malvern, AR, property tax bills are determined by the assessed value of a home, which is typically a percentage of its market value. For homeowners, this means that a higher market value results in a higher assessed value and, consequently, a higher tax bill. The median home price in Malvern is $130,250. Property taxes in Malvern can vary significantly, with the 25th percentile tax bill at $615 and the 75th percentile reaching $1,149. At the 90th percentile, homeowners could see tax bills as high as $2,563. These variations are influenced by factors such as property location, improvements made to the property, and local tax rates. Compared to the national median property tax rate of 0.99%, Malvern's property tax bills reflect the local economic conditions and municipal budget requirements. Homeowners should be aware of these factors as they directly impact annual expenses, influencing overall affordability and financial planning.
Average Malvern Tax Bill
$952
Average Grant County Tax Bill
$770
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Malvern, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72104 | $332 | $615 | $952 | $1,149 | $2,563 |
Source: Ownwell