Powhatan, Arkansas Property Taxes
The median property tax rate in Powhatan, AR is 0.74%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $71,560 in Powhatan, the typical annual property tax bill amounts to $465, significantly below the national median of $2,690. Property taxes in Powhatan are determined based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Powhatan'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 Powhatan or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Powhatan, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$530
Ownwell’s Powhatan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Powhatan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Powhatan 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 Powhatan, Arkansas
Property taxes in Powhatan, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Powhatan is 0.46%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Powhatan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Powhatan 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 Powhatan's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in Arkansas is 0.74% in zip code 72458, while the lowest median tax rate is also 0.74% in the same zip code. Understanding how these cities compare with Powhatan provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Powhatan Tax Rate
0.74%
Average Lawrence County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Powhatan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72458 | 0.39% | 0.53% | 0.74% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Powhatan, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Powhatan, 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 Lawrence County Assessor's Office 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 Powhatan, 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. For instance, the highest median tax bill in Powhatan is $465 in the 72458 zip code, while the lowest median tax bill is also $465 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Powhatan Assessed Value
$71,560
Average Lawrence County Assessed Value
$77,245
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Powhatan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72458 | $18,105 | $40,542 | $71,560 | $112,835 | $169,305 |
Source: Ownwell
Property Tax Bills Across Powhatan, Arkansas
In Powhatan, located in Lawrence County, AR, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property, which in Powhatan is influenced by factors such as the home's condition, size, and location. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. For instance, with a median home price of $71,560, homeowners in Powhatan can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $266, while at the 75th percentile, they can reach up to $742. The highest tax bills, at the 90th percentile, can be as much as $1,131. These variations highlight how individual property characteristics and market conditions can impact the tax burden on homeowners. Comparatively, the national median property tax rate is 0.99%, which can provide a benchmark for understanding local tax obligations. Homeowners in Powhatan should be aware of these factors to better anticipate their annual property tax expenses.
Average Powhatan Tax Bill
$465
Average Lawrence County Tax Bill
$469
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Powhatan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72458 | $99 | $266 | $465 | $742 | $1,131 |
Source: Ownwell