Lepanto, Arkansas Property Taxes
The median property tax rate in Lepanto, AR is 0.82%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Lepanto at $49,125, the typical annual property tax bill reaches $326, significantly below the national median of $2,690. Property taxes in Lepanto are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lepanto'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 Lepanto 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
Lepanto, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$403
Ownwell’s Lepanto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lepanto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lepanto 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 Lepanto, Arkansas
Property taxes in Lepanto, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lepanto is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Lepanto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lepanto 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 Lepanto's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72354 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Lepanto provides valuable insights into the varying tax landscape across Poinsett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lepanto Tax Rate
0.82%
Average Poinsett County Tax Rate
0.79%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lepanto, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72354 | 0.49% | 0.64% | 0.82% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Lepanto, Arkansas
In Lepanto, 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 Poinsett 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 Lepanto, 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 Lepanto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lepanto are both $326, found in zip code 72354.
Average Lepanto Assessed Value
$49,125
Average Poinsett County Assessed Value
$65,250
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lepanto, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72354 | $11,025 | $25,712 | $49,125 | $72,300 | $109,225 |
Source: Ownwell
Property Tax Bills Across Lepanto, Arkansas
In Lepanto, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property's location, size, and condition. For example, in Poinsett County, the median home price is $49,125. Homeowners in Lepanto can expect their tax bills to range significantly, with the 25th percentile at $197 and the 75th percentile at $489. At the 90th percentile, tax bills can go up to $781. This variability can impact homeowners differently, potentially making it more challenging for those with higher-valued properties to manage their expenses. Compared to the national median property tax rate of 0.99%, Lepanto's rates can be considered relatively moderate, but the exact impact will depend on individual property valuations and the specific tax rates applied in the area.
Average Lepanto Tax Bill
$326
Average Poinsett County Tax Bill
$472
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lepanto, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72354 | $93 | $197 | $326 | $489 | $781 |
Source: Ownwell