Moro, Arkansas Property Taxes
The median property tax rate in Moro, Arkansas is 0.67%, 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 $49,550 in Moro, the typical annual property tax bill is $334, significantly below the national median of $2,690. Property taxes in Moro are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Moro'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 Moro or another part of Lee County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Moro, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Moro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Moro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Moro 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 Moro, Arkansas
Property taxes in Moro, Arkansas, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Moro is 0.67%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Moro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Moro 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 Moro's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72368 has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Moro 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 Moro Tax Rate
0.67%
Average Lee County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Moro, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72368 | 0.58% | 0.67% | 0.67% | 0.67% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Moro, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Moro, 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 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 Moro, 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 Moro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 72368, with a median tax bill of $334.
Average Moro Assessed Value
$49,550
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 Moro, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72368 | $8,050 | $24,888 | $49,550 | $87,625 | $135,875 |
Source: Ownwell
Property Tax Bills Across Moro, Arkansas
In Moro, located in Lee County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. To determine the tax bill, the assessed value is multiplied by the local tax rate. For example, with a median home price of $49,550, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $178, while at the 75th percentile, the bill could rise to approximately $584. At the 90th percentile, it can be as high as $894. These taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in Moro benefit from relatively lower property tax rates compared to the national median rate of 0.99%, making it a more affordable place to own property. Understanding how these factors influence property tax bills can help homeowners budget more effectively and plan for future expenses.
Average Moro Tax Bill
$334
Average Lee County Tax Bill
$285
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Moro, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72368 | $56 | $178 | $334 | $584 | $894 |
Source: Ownwell