Caraway, Arkansas Property Taxes
The median property tax rate in Caraway, AR is 0.56%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Caraway, the typical annual property tax bill is $292, well below the national median of $2,690. Property taxes in Caraway are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural land. Understanding Caraway'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 Caraway or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Caraway, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$289
Ownwell’s Caraway Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Caraway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caraway 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 Caraway, Arkansas
Property taxes in Caraway, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caraway is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Caraway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caraway 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 Caraway's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Mississippi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caraway Tax Rate
0.56%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | 0.45% | 0.49% | 0.56% | 0.64% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Caraway, Arkansas
In Caraway, 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 Mississippi 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 Caraway, 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 Caraway stands at $51,672, with tax bills ranging significantly. For example, the 25th percentile tax bill is $252, while the 75th percentile tax bill is $331. The highest and lowest median tax bills are both $292 in zip code 72419. By understanding 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 Caraway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Caraway Assessed Value
$51,672
Average Mississippi County Assessed Value
$66,110
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | $51,306 | $51,444 | $51,672 | $51,901 | $52,038 |
Source: Ownwell
Property Tax Bills Across Caraway, Arkansas
In Caraway, located in Mississippi County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners in Caraway, the median home price is $51,672. Property tax rates in Caraway are applied to this assessed value to determine the annual tax bill. For instance, the 25th percentile tax bill is $252, while the 75th percentile tax bill is $331, and at the 90th percentile, it reaches $355. These figures reflect the range of property tax liabilities homeowners might face, depending on the assessed value of their property. Compared to the national median property tax rate of 0.99%, Caraway's tax rates are relatively modest. This can significantly affect homeowners, as lower property tax bills can make homeownership more affordable and financially manageable. Understanding these factors helps homeowners in Caraway plan their finances better and anticipate their annual property tax obligations accurately.
Average Caraway Tax Bill
$292
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | $229 | $252 | $292 | $331 | $355 |
Source: Ownwell