Diamond City, Arkansas Property Taxes
The median property tax rate in Diamond City, AR is 0.99%, aligning with the national median of 0.99% and higher than the Arkansas state median of 0.84%. With the median home value in Diamond City, the typical annual property tax bill is $191, significantly lower than the national median of $2,690. Property taxes in Diamond City are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Diamond City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Diamond City or another part of Boone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Diamond City, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$132
$123
Ownwell’s Diamond City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Diamond City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Diamond City 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 Diamond City, Arkansas
Property taxes in Diamond City, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diamond City is 0.99%, which aligns with both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Diamond City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diamond City 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 Diamond City's effective property tax rate to other areas in Boone County and the national median. For comparison, the zip code 72630 has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Diamond City provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Diamond City Tax Rate
0.99%
Average Boone County Tax Rate
0.89%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Diamond City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72630 | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| 72644 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Diamond City, Arkansas
In Diamond City, 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 Boone 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 Diamond City, 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 Diamond City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Boone County is $623 in zip code 72630, while the lowest is also $623 in the same zip code.
Average Diamond City Assessed Value
$13,350
Average Boone County Assessed Value
$102,750
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Diamond City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72630 | $62,850 | $62,850 | $62,850 | $62,850 | $62,850 |
| 72644 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Diamond City, Arkansas
In Diamond City, located in Boone County, AR, property tax bills are determined by assessing the property's market value and applying the local tax rate. The assessed value is typically a percentage of the market value, which is then multiplied by the property tax rate set by local authorities. This rate can vary significantly across different regions within the county. Factors that influence the tax bill include the property's location, size, and any improvements made to it. For instance, the median home price in Diamond City is $13,350. Property taxes can vary widely, with the 25th percentile tax bill being $65, while the 75th percentile tax bill is $642, and the 90th percentile tax bill reaching $1,226. This variability means that homeowners in Diamond City can experience different tax burdens based on the specific characteristics and assessed values of their properties. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand how local rates in Diamond City measure up against broader trends. This system ensures that property taxes are distributed in a way that reflects the relative value of each property, impacting homeowners accordingly.
Average Diamond City Tax Bill
$191
Average Boone County Tax Bill
$870
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Diamond City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72630 | $623 | $623 | $623 | $623 | $623 |
| 72644 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell