London, Arkansas Property Taxes
The median property tax rate in London, Arkansas is 0.88%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in London at $96,000, the typical annual property tax bill amounts to $791, which is significantly lower than the national median of $2,690. Property taxes in London are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding London'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 London or another part of Pope County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
London, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$845
Ownwell’s London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in London 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 London, Arkansas
Property taxes in London, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in London is 0.88%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within London set these rates annually, and they can vary significantly across different neighborhoods. Each year, London 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 London's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72847 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with London provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average London Tax Rate
0.88%
Average Pope County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across London, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72847 | 0.61% | 0.77% | 0.88% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across London, Arkansas
In London, 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 Pope County Assessor's Office 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 London, 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 London helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $791, found in the 72847 zip code.
Average London Assessed Value
$96,000
Average Pope County Assessed Value
$105,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across London, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72847 | $17,140 | $45,550 | $96,000 | $152,818 | $212,230 |
Source: Ownwell
Property Tax Bills Across London, Arkansas
In London, located in Pope County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For example, with a median home price of $96,000, the property tax rate is applied to determine the annual tax bill. Factors such as local tax rates and any applicable exemptions influence the final amount. Homeowners in London can expect tax bills to range significantly. At the 25th percentile, the tax bill is approximately $410, while at the 75th percentile, it reaches around $1,271. For those at the 90th percentile, the tax bill can be as high as $1,823. These variations depend on the property's assessed value and specific local tax regulations. Comparatively, London's property tax rate is below the national median property tax rate of 0.99%. This relatively lower rate can be beneficial for homeowners, potentially making property ownership more affordable in the area. However, it's important for homeowners to stay informed about their property's assessed value and any changes in local tax laws that could affect their annual tax bill.
Average London Tax Bill
$791
Average Pope County Tax Bill
$927
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across London, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72847 | $212 | $410 | $791 | $1,271 | $1,823 |
Source: Ownwell