Prescott, Arkansas Property Taxes
The median property tax rate in Prescott, AR is 0.99%, aligning with the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $33,300 in Prescott, the typical annual property tax bill is $246, which is significantly lower than the national median of $2,690. Property taxes in Prescott are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Prescott's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to meaningful annual savings. Whether you're in the heart of Prescott or another part of Nevada County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prescott, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$330
Ownwell’s Prescott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prescott 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 Prescott, Arkansas
Property taxes in Prescott, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 0.99%, aligning with both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71857 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Prescott provides valuable insights into the varying tax landscape across Nevada County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prescott Tax Rate
0.99%
Average Nevada County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71857 | 0.20% | 0.49% | 0.99% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Arkansas
In Prescott, 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 Nevada 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 Prescott, 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 71857, with a value of $246.
Average Prescott Assessed Value
$33,300
Average Nevada County Assessed Value
$30,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prescott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71857 | $6,450 | $14,750 | $33,300 | $68,075 | $117,220 |
Source: Ownwell
Property Tax Bills Across Prescott, Arkansas
In Prescott, Nevada County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assesses properties to determine their value, and then applies the local tax rate to this assessed value. For example, with a median home price of $33,300, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill stands at $98, while the 75th percentile reaches $518, and the 90th percentile can be as high as $899. These variations reflect differences in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Prescott's figures highlight the localized nature of property taxation. The highest median tax bill in the area is $246, found in the 71857 zip code. This localized approach ensures that homeowners in Prescott are taxed fairly according to the specific value of their property, balancing the need for public revenue with the financial realities of residents.
Average Prescott Tax Bill
$246
Average Nevada County Tax Bill
$203
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71857 | $34 | $98 | $246 | $518 | $899 |
Source: Ownwell