Tichnor, Arkansas Property Taxes
The median property tax rate in Tichnor, AR is 0.83%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Tichnor at $34,750, the typical annual property tax bill is $238, well below the national median of $2,690. Property taxes in Tichnor 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 Tichnor'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 Tichnor 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
Tichnor, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$288
Ownwell’s Tichnor Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tichnor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tichnor to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed information, scrolling down reveals trends on a neighborhood level. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Tichnor, Arkansas
Property taxes in Tichnor, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tichnor is 0.83%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Tichnor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tichnor 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 Tichnor's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 72166 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Tichnor provides valuable insights into the varying tax landscape across Arkansas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tichnor Tax Rate
0.83%
Average Arkansas County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tichnor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72166 | 0.33% | 0.58% | 0.83% | 0.95% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Tichnor, Arkansas
In Tichnor, 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 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 Tichnor, 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 Tichnor is $238 in the 72166 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 Tichnor Assessed Value
$34,750
Average Arkansas County Assessed Value
$70,958
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tichnor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72166 | $4,200 | $12,668 | $34,750 | $94,460 | $214,581 |
Source: Ownwell
Property Tax Bills Across Tichnor, Arkansas
In Tichnor, Arkansas, 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 Tichnor is $34,750. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, assessed value, and applicable exemptions. Homeowners in Tichnor experience varying tax bills. For instance, the 25th percentile tax bill is $103, while the 75th percentile tax bill is $649. The tax bill at the 90th percentile reaches up to $1,450. The highest and lowest median tax bills both stand at $238 in the 72166 zip code. Compared to the national median property tax rate of 0.99%, Tichnor's property tax rates can significantly impact homeowners, especially those with higher assessed values. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Tichnor Tax Bill
$238
Average Arkansas County Tax Bill
$414
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Tichnor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72166 | $39 | $103 | $238 | $649 | $1,450 |
Source: Ownwell