Little Rock, Arkansas Property Taxes
The median property tax rate in Little Rock, AR is 0.74%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Little Rock at $151,965, the typical annual property tax bill amounts to $1,044, significantly below the national median of $2,690. Property taxes in Little Rock are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Little Rock'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 Little Rock or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Little Rock, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Little Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Rock 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 Little Rock, Arkansas
Property taxes in Little Rock, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Rock is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Little Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Rock 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 Little Rock's effective property tax rate to other areas within Saline County and the national median. For comparison, the 72210 zip code has the highest median property tax rate of 0.83%, while the 72206 zip code has the lowest median tax rate of 0.70%. Understanding how these areas compare with Little Rock provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little Rock Tax Rate
0.74%
Average Saline County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72206 | 0.54% | 0.62% | 0.70% | 0.76% | 0.84% |
| 72210 | 0.63% | 0.73% | 0.83% | 0.94% | 1.01% |
| 72223 | 0.52% | 0.60% | 0.74% | 0.87% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Little Rock, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Little Rock, Arkansas. 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 Saline 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. 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. In Little Rock, the highest median tax bill is found in zip code 72223 at $4,846, while the lowest is in zip code 72206 at $855. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Little Rock Assessed Value
$151,965
Average Saline County Assessed Value
$164,560
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72206 | $15,286 | $46,530 | $130,662 | $201,354 | $264,277 |
| 72210 | $35,581 | $92,298 | $287,020 | $499,872 | $611,711 |
| 72223 | $316,263 | $403,988 | $550,195 | $696,402 | $784,127 |
Source: Ownwell
Property Tax Bills Across Little Rock, Arkansas
In Little Rock, property tax bills are calculated based on the assessed value of a homeowner's property. The process begins with the county assessor determining the property's market value, which is then assessed at a percentage of that value. Various factors such as property size, location, and improvements play a role in this assessment. For example, in Saline County, where Little Rock is located, the median home price is $151,965. Homeowners in this region can expect their tax bills to vary significantly. The tax bill at the 25th percentile is $467, while at the 75th percentile, it rises to $2,070. For those in the 90th percentile, the tax bill can be as high as $4,229. Comparing these figures to the national median property tax rate of 0.99%, Little Rock's property tax bills can affect homeowners differently depending on their property's assessed value. In zip code 72223, the highest median tax bill is $4,846, whereas in zip code 72206, the lowest median tax bill is $855.
Average Little Rock Tax Bill
$1,044
Average Saline County Tax Bill
$1,361
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72206 | $104 | $331 | $855 | $1,401 | $1,936 |
| 72210 | $270 | $670 | $2,276 | $4,257 | $5,350 |
| 72223 | $1,927 | $3,022 | $4,846 | $6,670 | $7,764 |
Source: Ownwell