Romance, Arkansas Property Taxes
The median property tax rate in Romance, AR is 0.81%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Romance at $54,500, the typical annual property tax bill amounts to $425, well below the national median of $2,690. Property taxes in Romance are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Romance'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 Romance or another part of White County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Romance, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Romance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Romance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Romance 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 Romance, Arkansas
Property taxes in Romance, Arkansas, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Romance is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Romance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Romance 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 Romance's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72136 zip code has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Romance provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Romance Tax Rate
0.81%
Average White County Tax Rate
0.81%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Romance, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72136 | 0.49% | 0.66% | 0.81% | 0.87% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Romance, Arkansas
In Romance, 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 White 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 Romance, 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 Romance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Romance's highest and lowest median tax bills are both $425, found in the 72136 zip code.
Average Romance Assessed Value
$54,500
Average White County Assessed Value
$81,100
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Romance, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72136 | $7,160 | $22,312 | $54,500 | $106,988 | $185,440 |
Source: Ownwell
Property Tax Bills Across Romance, Arkansas
Property tax bills in Romance, located in White County, AR, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, if the median home price in Romance is $54,500, the property tax is determined by applying the tax rate to this assessed value. The national median property tax rate is 0.99%, but local rates may vary. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Romance, the 25th percentile tax bill is $176, while the 75th percentile tax bill is $794, indicating a range of what homeowners might expect to pay. The 90th percentile tax bill can go up to $1,369, showing that higher-valued properties incur higher taxes. For homeowners, understanding these factors can help in budgeting for annual expenses. Accurate assessments and awareness of exemptions can significantly impact the overall tax burden.
Average Romance Tax Bill
$425
Average White County Tax Bill
$632
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Romance, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72136 | $65 | $176 | $425 | $794 | $1,369 |
Source: Ownwell