Locust Grove, Arkansas Property Taxes
The median property tax rate in Locust Grove, Arkansas is 0.59%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Locust Grove at $85,215, the typical annual property tax bill amounts to $340, well below the national median of $2,690. Property taxes in Locust Grove are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Locust Grove'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 Locust Grove 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
Locust Grove, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$503
Ownwell’s Locust Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locust Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust Grove 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 Locust Grove, Arkansas
Property taxes in Locust Grove, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Locust Grove is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Locust Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust Grove 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 Locust Grove's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72550 has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Locust Grove provides valuable insights into the varying tax landscape across Cleburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locust Grove Tax Rate
0.59%
Average Cleburne County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locust Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72550 | 0.21% | 0.34% | 0.59% | 0.74% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Locust Grove, Arkansas
In Locust Grove, 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 Cleburne 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 Locust Grove, 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 Locust Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Cleburne County, the highest median tax bill is found in zip code 72550, with a median tax bill of $340. The lowest median tax bill is also in zip code 72550, reflecting the same value.
Average Locust Grove Assessed Value
$85,215
Average Cleburne County Assessed Value
$128,200
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locust Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72550 | $14,515 | $33,802 | $85,215 | $134,722 | $217,940 |
Source: Ownwell
Property Tax Bills Across Locust Grove, Arkansas
In Locust Grove, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the home's market value, with the median home price in the area being $85,215. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the property tax bill, including the overall market trends, property improvements, and the specific tax rate set by local authorities. Homeowners in Locust Grove can expect to pay varying amounts, with the 25th percentile tax bill being $144 and the 75th percentile reaching $800. The 90th percentile tax bill can go as high as $1,581. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. While the highest and lowest median tax bills in the region both stand at $340, the variation in tax bills highlights the range of property values and the corresponding impact on homeowners.
Average Locust Grove Tax Bill
$340
Average Cleburne County Tax Bill
$753
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72550 | $63 | $144 | $340 | $800 | $1,581 |
Source: Ownwell