Austin, Arkansas Property Taxes
The median property tax rate in Austin, Arkansas is 0.92%, 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 $137,950 in Austin, the typical annual property tax bill is $1,346, which is below the national median of $2,690. Property taxes in Austin are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Austin'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 Austin 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
Austin, 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 Austin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Austin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Austin 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 Austin, Arkansas
Property taxes in Austin, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Austin is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Austin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Austin 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. Understanding how Austin's effective property tax rate compares to other areas in Lonoke County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Austin Tax Rate
0.92%
Average Lonoke County Tax Rate
1.01%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Austin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72007 | 0.72% | 0.88% | 0.92% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Austin, Arkansas
In Austin, 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 Lonoke 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 Austin, 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 Austin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Austin is $1346 in the 72007 zip code, while the lowest median tax bill is also $1346 in the same zip code.
Average Austin Assessed Value
$137,950
Average Lonoke County Assessed Value
$119,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Austin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72007 | $30,910 | $84,750 | $137,950 | $188,425 | $245,890 |
Source: Ownwell
Property Tax Bills Across Austin, Arkansas
In Austin, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Austin is $137,950, and the property tax rate in Lonoke County is used to calculate the annual tax bill. The tax bill considers various factors, including the assessed value of the property and any applicable exemptions or deductions. Homeowners in Austin experience a range of tax bills, with the 25th percentile paying around $778 annually, while those in the 75th percentile see bills closer to $1,828. The 90th percentile of homeowners can expect to pay up to $2,325. These figures highlight the variability in property tax burdens depending on property values and applicable tax rates. Compared to the national median property tax rate of 0.99%, Austin's homeowners face a relatively moderate tax burden. Understanding these calculations helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Austin Tax Bill
$1,346
Average Lonoke County Tax Bill
$1,186
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Austin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72007 | $332 | $778 | $1,346 | $1,828 | $2,325 |
Source: Ownwell