Mayflower, Arkansas Property Taxes
The median property tax rate in Mayflower, AR is 0.69%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Mayflower at $222,260, the typical annual property tax bill reaches $1,382, falling below the national median of $2,690. Property taxes in Mayflower are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mayflower'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 Mayflower 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
Mayflower, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,534
Ownwell’s Mayflower Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayflower with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayflower 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 Mayflower, Arkansas
Property taxes in Mayflower, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayflower is 0.69%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Mayflower set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayflower 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 Mayflower's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72106 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Mayflower provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayflower Tax Rate
0.69%
Average Pulaski County Tax Rate
1.04%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayflower, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72106 | 0.53% | 0.62% | 0.69% | 0.79% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Mayflower, Arkansas
In Mayflower, 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 Pulaski 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 Mayflower, 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 Mayflower stands at $222,260, with tax bills varying significantly. For instance, the 25th percentile tax bill is $708, while the 75th percentile tax bill is $2,217. The highest median tax bill recorded in the area is $1,382 in zip code 72106. 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 Mayflower helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mayflower Assessed Value
$222,260
Average Pulaski County Assessed Value
$148,242
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayflower, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72106 | $36,571 | $77,765 | $222,260 | $321,698 | $376,146 |
Source: Ownwell
Property Tax Bills Across Mayflower, Arkansas
In Mayflower, Pulaski County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Various factors influence the final tax bill, including the home's market value, property classification, and any applicable exemptions or deductions. For instance, with a median home price of $222,260, homeowners in Mayflower can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is $708, while at the 75th percentile, it rises to $2,217. At the 90th percentile, it reaches $2,637. The highest median tax bill in the area is $1,382, found in the 72106 zip code. These variations affect homeowners differently, with higher-valued properties generally incurring higher tax bills. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Mayflower Tax Bill
$1,382
Average Pulaski County Tax Bill
$1,457
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayflower, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72106 | $351 | $708 | $1,382 | $2,217 | $2,637 |
Source: Ownwell