Parks, Arkansas Property Taxes
The median property tax rate in Parks, AR is 0.77%, 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 Parks at $47,800, the typical annual property tax bill is $353, significantly below the national median of $2,690. Property taxes in Parks are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Parks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Parks 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
Parks, 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 Parks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parks 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 Parks, Arkansas
Property taxes in Parks, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parks is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Parks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parks 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 Parks' effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72950 zip code has the highest median property tax rate of 0.77%, while the 72950 zip code has the lowest median tax rate of 0.77%. Understanding how these cities compare with Parks provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parks Tax Rate
0.77%
Average Scott County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parks, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72950 | 0.58% | 0.76% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Parks, Arkansas
In Parks, 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 Scott 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 Parks, 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 Parks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Parks are both $353.00, found in zip code 72950.
Average Parks Assessed Value
$47,800
Average Scott County Assessed Value
$49,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parks, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72950 | $6,650 | $22,600 | $47,800 | $78,600 | $115,550 |
Source: Ownwell
Property Tax Bills Across Parks, Arkansas
In Parks, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the Scott County tax assessor. The assessed value is typically a percentage of the market value of the property. Factors such as the property's size, location, and condition, as well as recent sales of comparable properties, are considered in determining the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Parks, the median home price is $47,800, and the property tax rate varies, resulting in tax bills ranging from the 25th percentile at $171 to the 90th percentile at $887. The highest median tax bill recorded is $353 in the 72950 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Parks generally experience lower property tax bills. This lower tax burden can make homeownership more affordable, though it also means less revenue for local public services.
Average Parks Tax Bill
$353
Average Scott County Tax Bill
$385
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Parks, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72950 | $70 | $171 | $353 | $584 | $887 |
Source: Ownwell