Smithville, Arkansas Property Taxes
The median property tax rate in Smithville, AR is 0.62%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Smithville at $82,050, the typical annual property tax bill reaches $505, well below the national median of $2,690. Property taxes in Smithville 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 Smithville'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 Smithville or another part of Sharp County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$509
Ownwell’s Smithville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville 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 Smithville, Arkansas
Property taxes in Smithville, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 0.62%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72466 within Sharp County has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Smithville 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 Smithville Tax Rate
0.62%
Average Sharp County Tax Rate
0.61%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | 0.45% | 0.52% | 0.62% | 0.77% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Arkansas
In Smithville, 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 Sharp 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 Smithville, 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 highest median tax bill in Smithville is $505 in the 72466 zip code, while the lowest median tax bill also stands at $505 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithville Assessed Value
$82,050
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 Smithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | $19,030 | $45,700 | $82,050 | $146,675 | $246,990 |
Source: Ownwell
Property Tax Bills Across Smithville, Arkansas
In Smithville, located in Sharp County, AR, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The median home price in Smithville is $82,050, and the property tax rate is applied to this assessed value to determine the tax bill. The tax bill can vary significantly, with the 25th percentile being $302, the 75th percentile at $845, and the 90th percentile reaching up to $1,380. Several factors influence the property tax bill, including property size, location, and any applicable exemptions. Homeowners in Smithville should be aware that their property tax bills can fluctuate due to changes in market conditions or reassessments. The highest and lowest median tax bill in the area is $505, found in the zip code 72466. Compared to the national median property tax rate of 0.99%, Smithville's property tax rate offers a relatively affordable option for homeowners. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Smithville Tax Bill
$505
Average Sharp County Tax Bill
$481
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | $142 | $302 | $505 | $845 | $1,380 |
Source: Ownwell