Palestine, Arkansas Property Taxes
The median property tax rate in Palestine, Arkansas is 0.81%, 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 Palestine at $65,975, the typical annual property tax bill is $494, significantly below the national median of $2,690. Property taxes in Palestine are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Palestine'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 Palestine 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
Palestine, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$534
Ownwell’s Palestine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palestine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palestine 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 Palestine, Arkansas
Property taxes in Palestine, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palestine is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Palestine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palestine 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 Palestine's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72372 within St. Francis County has the same median property tax rate of 0.81%. Understanding how these cities compare with Palestine provides valuable insights into the varying tax landscape across St. Francis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palestine Tax Rate
0.81%
Average St. Francis County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palestine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72372 | 0.52% | 0.65% | 0.81% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Palestine, Arkansas
In Palestine, 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 local 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 Palestine, 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 Palestine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $494 in the 72372 zip code, while the lowest median tax bill is also $494 in the same zip code.
Average Palestine Assessed Value
$65,975
Average St. Francis County Assessed Value
$48,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palestine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72372 | $14,820 | $38,450 | $65,975 | $102,900 | $150,740 |
Source: Ownwell
Property Tax Bills Across Palestine, Arkansas
In Palestine, located in St. Francis 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 Palestine is $65,975. Homeowners in this area can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is approximately $262, while at the 75th percentile, it rises to around $793. At the 90th percentile, homeowners may see a tax bill as high as $1,188. These tax bills are influenced by various factors, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. The highest and lowest median tax bills in the area both amount to $494, which is relatively modest compared to the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual housing costs and overall financial planning.
Average Palestine Tax Bill
$494
Average St. Francis County Tax Bill
$344
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Palestine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72372 | $114 | $262 | $494 | $793 | $1,188 |
Source: Ownwell