Lexa, Arkansas Property Taxes
The median property tax rate in LEXA, AR is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in LEXA, the typical annual property tax bill reaches $185, significantly below the national median of $2,690. Property taxes in LEXA 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 LEXA'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 LEXA 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
Lexa, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$199
Ownwell’s LEXA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LEXA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LEXA 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 Lexa, Arkansas
Property taxes in Lexa, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexa is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Lexa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexa 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 Lexa's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72355 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Lexa provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexa Tax Rate
0.77%
Average Lee County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexa, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72355 | 0.64% | 0.67% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Lexa, Arkansas
In LEXA, 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 Lee 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 LEXA, 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. The median home price in LEXA stands at $25,850, with tax bills ranging from $88 at the 25th percentile to $599 at the 90th percentile. The highest and lowest median tax bill in the region is $185, found in zip code 72355. 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 LEXA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lexa Assessed Value
$25,850
Average Lee County Assessed Value
$41,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexa, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72355 | $4,500 | $11,925 | $25,850 | $50,975 | $87,320 |
Source: Ownwell
Property Tax Bills Across Lexa, Arkansas
In LEXA, located in Lee 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 a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Lee County, homeowners experience a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $88, while the 75th percentile tax bill reaches approximately $377. Homeowners at the 90th percentile face tax bills as high as $599. Compared to the national median property tax rate of 0.99%, the property tax rates in Lee County can significantly impact homeowners, especially those with higher-valued properties. This variation underscores the importance of understanding how local property tax systems work and how they can affect household finances. Homeowners in LEXA must consider these factors when budgeting for annual expenses.
Average Lexa Tax Bill
$185
Average Lee County Tax Bill
$285
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexa, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72355 | $34 | $88 | $185 | $377 | $599 |
Source: Ownwell