Damascus, Arkansas Property Taxes
The median property tax rate in Damascus, Arkansas is 0.92%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $59,100 in Damascus, the typical annual property tax bill is approximately $535, which is well below the national median of $2,690. Property taxes in Damascus are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Damascus'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 Damascus or another part of Van Buren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Damascus, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$544
Ownwell’s Damascus Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Damascus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Damascus 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 Damascus, Arkansas
Property taxes in Damascus, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Damascus is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Damascus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Damascus 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 Damascus's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72039 has both the highest and lowest median property tax rate of 0.92%, identical to Damascus's rate. Understanding how these areas compare with Damascus provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Damascus Tax Rate
0.92%
Average Van Buren County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Damascus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | 0.74% | 0.87% | 0.92% | 0.92% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Damascus, Arkansas
In Damascus, 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 Van Buren 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 Damascus, 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. The median home price in Damascus is $59,100. Homeowners in the 25th percentile can expect a tax bill around $270, while those in the 75th percentile may see bills close to $976. The highest median tax bill in the area is $535, found in the 72039 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Damascus Assessed Value
$59,100
Average Van Buren County Assessed Value
$61,550
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Damascus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | $15,500 | $29,912 | $59,100 | $106,675 | $161,200 |
Source: Ownwell
Property Tax Bills Across Damascus, Arkansas
In Damascus, located in Van Buren County, AR, property tax bills are calculated based on the assessed value of your home, which is typically a fraction of its market value. The median home price in Damascus is $59,100. Property tax bills vary significantly depending on several factors, including the assessed value and the applicable tax rate. For instance, homeowners in the 25th percentile might see tax bills around $270, while those in the 75th percentile could face bills as high as $976. The 90th percentile can reach up to $1,461. The highest median tax bill recorded in the area is $535, and interestingly, the lowest median tax bill is the same, indicating a consistent tax rate within the zip code 72039. Compared to the national median property tax rate of 0.99%, homeowners in Damascus experience a different tax landscape, which can significantly impact their annual financial planning. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average Damascus Tax Bill
$535
Average Van Buren County Tax Bill
$534
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Damascus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | $145 | $270 | $535 | $976 | $1,461 |
Source: Ownwell