Canehill, Arkansas Property Taxes
The median property tax rate in Canehill, AR is 0.51%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Canehill at $117,350, the typical annual property tax bill is $517, well below the national median of $2,690. Property taxes in Canehill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Canehill'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 Canehill or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canehill, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$598
Ownwell’s Canehill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canehill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canehill 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 Canehill, Arkansas
Property taxes in Canehill, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Canehill is 0.51%, significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Canehill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canehill 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 Canehill's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72717 zip code has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Canehill provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canehill Tax Rate
0.51%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canehill, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72717 | 0.12% | 0.27% | 0.51% | 0.76% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Canehill, Arkansas
In Canehill, 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 Washington 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 Canehill, 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 Canehill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Canehill is $117,350, with the highest median tax bill recorded at $517 in the 72717 zip code.
Average Canehill Assessed Value
$117,350
Average Washington County Assessed Value
$274,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canehill, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72717 | $28,600 | $49,950 | $117,350 | $185,600 | $266,000 |
Source: Ownwell
Property Tax Bills Across Canehill, Arkansas
In Canehill, located in Washington County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Canehill stands at $117,350. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $242 and the 75th percentile reaching $938. For those in the 90th percentile, the tax bill can be as high as $1,609. The property tax rate in Washington County is influenced by various factors, including local government budgets, school funding, and public services. Homeowners in Canehill benefit from relatively lower property taxes compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable and attractive in the region. However, it's essential for homeowners to stay informed about any changes in property tax laws or assessments to manage their financial planning effectively.
Average Canehill Tax Bill
$517
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Canehill, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72717 | $87 | $242 | $517 | $938 | $1,609 |
Source: Ownwell