Buffalo Grove, Arkansas Property Taxes
The median property tax rate in Buffalo Grove, AR is 0.91%, 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 $11,150 in Buffalo Grove, the typical annual property tax bill is $101, which is significantly lower than the national median of $2,690. Property taxes in Buffalo Grove are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Buffalo Grove'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 Buffalo Grove or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buffalo Grove, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$101
Ownwell’s Buffalo Grove Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Buffalo Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buffalo Grove to provide an accurate property tax bill estimate. This insightful tool helps you understand your potential tax liabilities. For more localized information, scroll down to see trends at the neighborhood level. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Buffalo Grove, Arkansas
Property taxes in Buffalo Grove, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buffalo Grove is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Buffalo Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buffalo Grove 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 Buffalo Grove's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 60089 in Buffalo Grove has a median property tax rate of 0.91%. Understanding how these figures compare with Buffalo Grove provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buffalo Grove Tax Rate
0.91%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buffalo Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60089 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Buffalo Grove, Arkansas
In Buffalo Grove, 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 Marion 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 Buffalo Grove, 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 highest and lowest median tax bills in Buffalo Grove are both $101, found in the 60089 zip code. 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 Buffalo Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buffalo Grove Assessed Value
$11,150
Average Marion County Assessed Value
$88,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buffalo Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60089 | $11,150 | $11,150 | $11,150 | $11,150 | $11,150 |
Source: Ownwell
Property Tax Bills Across Buffalo Grove, Arkansas
Property tax bills in Buffalo Grove, located in Marion County, AR, are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the county assessor. In Buffalo Grove, the median home price is $11,150. Homeowners can expect their tax bills to vary; for example, the 25th, 75th, and 90th percentiles all show a tax bill of $101. This uniformity suggests a relatively stable property tax environment. To determine the tax bill, the assessed value is multiplied by the local property tax rate. Factors such as property improvements, location, and market trends can influence the assessed value. The national median property tax rate is 0.99%, and comparing this to Buffalo Grove's figures can provide homeowners with a perspective on how their local taxes stack up against national averages. Property taxes fund essential public services, impacting community quality and homeowners' overall financial planning.
Average Buffalo Grove Tax Bill
$101
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Buffalo Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60089 | $101 | $101 | $101 | $101 | $101 |
Source: Ownwell