Cave City, Arkansas Property Taxes
The median property tax rate in Cave City, AR is 0.69%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Cave City at $83,225, the typical annual property tax bill reaches $548, well below the national median of $2,690. Property taxes in Cave City 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 Cave City'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 Cave City 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
Cave City, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$574
Ownwell’s CAVE CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAVE CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAVE CITY 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 Cave City, Arkansas
Property taxes in Cave City, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cave City is 0.69%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Cave City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cave City 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 Cave City's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72521 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 Cave City provides valuable insights into the varying tax landscape across Sharp County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cave City Tax Rate
0.69%
Average Sharp County Tax Rate
0.61%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cave City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72521 | 0.48% | 0.58% | 0.69% | 0.88% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Cave City, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cave City, 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 Sharp 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 Cave City, 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. For instance, the median home price in Cave City is $83,225, with tax bills ranging from $353 at the 25th percentile to $1,267 at the 90th percentile. The highest median tax bill is found in the 72521 zip code, amounting to $548. Being aware of these valuation processes in Cave City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cave City Assessed Value
$83,225
Average Sharp County Assessed Value
$83,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cave City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72521 | $22,005 | $50,800 | $83,225 | $129,212 | $193,570 |
Source: Ownwell
Property Tax Bills Across Cave City, Arkansas
In Cave City, located in Sharp County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Cave City is $83,225. Homeowners can expect a tax bill that varies significantly depending on their property's assessed value and the local tax rate. For instance, the tax bill at the 25th percentile is $353, while at the 75th percentile, it rises to $828. At the 90th percentile, homeowners might see a tax bill as high as $1,267. These figures indicate a range of tax burdens that can impact homeowners differently. When compared to the national median property tax rate of 0.99%, Cave City's rates suggest a relatively modest tax environment. However, individual tax bills can still vary widely. Homeowners must consider these factors when budgeting for annual expenses, as property taxes directly affect their financial planning and overall cost of homeownership.
Average Cave City Tax Bill
$548
Average Sharp County Tax Bill
$481
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cave City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72521 | $178 | $353 | $548 | $828 | $1,267 |
Source: Ownwell