Ratcliff, Arkansas Property Taxes
The median property tax rate in Ratcliff, AR is 0.88%, 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 $65,650 in Ratcliff, the typical annual property tax bill is about $546, which is significantly lower than the national median of $2,690. Property taxes in Ratcliff are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Ratcliff'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 Ratcliff or another part of Logan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ratcliff, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$578
Ownwell’s Ratcliff Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ratcliff with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ratcliff 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 Ratcliff, Arkansas
Property taxes in Ratcliff, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ratcliff is 0.88%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Ratcliff set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ratcliff 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 Ratcliff's effective property tax rate to other areas and the national median. For comparison, the zip code 72951 has both the highest and lowest median property tax rate of 0.88%. Understanding how these values compare with Ratcliff provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ratcliff Tax Rate
0.88%
Average Logan County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ratcliff, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72951 | 0.65% | 0.84% | 0.88% | 0.91% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Ratcliff, Arkansas
In Ratcliff, 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 Logan County Assessor 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 Ratcliff, 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 Ratcliff helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ratcliff is $65,650, with the highest median tax bill recorded at $546 in the zip code 72951.
Average Ratcliff Assessed Value
$65,650
Average Logan County Assessed Value
$67,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ratcliff, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72951 | $16,350 | $33,700 | $65,650 | $98,788 | $145,965 |
Source: Ownwell
Property Tax Bills Across Ratcliff, Arkansas
In Ratcliff, Logan County, AR, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, homeowners in Ratcliff with a median home price of $65,650 can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors influencing the tax bill include property location, home improvements, and local levies. Homeowners in Ratcliff see tax bills ranging from $292 at the 25th percentile to $1,293 at the 90th percentile, reflecting the variability in property values and tax rates within the area. The highest median tax bill reported in the city is $546, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable for residents, providing financial relief compared to higher-taxed regions.
Average Ratcliff Tax Bill
$546
Average Logan County Tax Bill
$602
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ratcliff, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72951 | $160 | $292 | $546 | $872 | $1,293 |
Source: Ownwell