Gravette, Arkansas Property Taxes
The median property tax rate in Gravette, AR is 0.80%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $161,100 in Gravette, the typical annual property tax bill is approximately $1,276, significantly below the national median of $2,690. Property taxes in Gravette are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Gravette'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 Gravette or another part of Benton County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gravette, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,289
Ownwell’s Gravette Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gravette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gravette to project your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more localized information, scroll down to explore neighborhood trends. Your property’s assessed value is the value assigned by Benton County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Gravette, Arkansas
Property taxes in Gravette, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gravette is 0.80%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Gravette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gravette 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 Gravette's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72736 has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Gravette provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gravette Tax Rate
0.80%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gravette, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72736 | 0.60% | 0.69% | 0.80% | 0.89% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Gravette, Arkansas
In Gravette, 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 Benton 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 Gravette, 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 Gravette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gravette is $161,100, with the median tax bill ranging from $758 at the 25th percentile to $3,017 at the 90th percentile. The highest and lowest median tax bills are both $1,276 in the 72736 zip code.
Average Gravette Assessed Value
$161,100
Average Benton County Assessed Value
$211,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gravette, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72736 | $55,450 | $102,300 | $161,100 | $249,311 | $370,975 |
Source: Ownwell
Property Tax Bills Across Gravette, Arkansas
In Gravette, located in Benton County, AR, property tax bills are determined based on the assessed value of a home, which is a percentage of the market value. The median home price in Gravette is $161,100, and property taxes are calculated by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Gravette typically see a wide range in their tax bills. The 25th percentile tax bill is around $758, while the 75th percentile reaches up to $2,020, and the 90th percentile can be as high as $3,017. The highest and lowest median tax bills in the city are both $1,276, reflecting the uniform application of tax rates across different properties. Compared to the national median property tax rate of 0.99%, Gravette's tax rates can be relatively moderate, providing some financial relief to homeowners while still supporting local public services and infrastructure.
Average Gravette Tax Bill
$1,276
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gravette, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72736 | $424 | $758 | $1,276 | $2,020 | $3,017 |
Source: Ownwell