Cleveland, Arkansas Property Taxes
The median property tax rate in Cleveland, Arkansas is 0.67%, which is significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Cleveland at $77,250, the typical annual property tax bill amounts to $437, well below the national median of $2,690. Property taxes in Cleveland are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Familiarizing yourself with Cleveland’s property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Cleveland or another part of Conway County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Cleveland, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$518
Ownwell’s Cleveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, Arkansas
Property taxes in Cleveland, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72030 in Conway County has the highest median property tax rate of 0.67% and the lowest median tax rate of 0.67%. Understanding how these areas compare with Cleveland provides valuable insights into the varying tax landscape across Conway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
0.67%
Average Conway County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72030 | 0.14% | 0.33% | 0.67% | 0.90% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Arkansas
In Cleveland, 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 Conway 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 Cleveland, 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 Cleveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cleveland are both $437, found in the 72030 zip code.
Average Cleveland Assessed Value
$77,250
Average Conway County Assessed Value
$84,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72030 | $19,375 | $41,662 | $77,250 | $133,838 | $194,700 |
Source: Ownwell
Property Tax Bills Across Cleveland, Arkansas
In Cleveland, Conway County, AR, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value typically represents a percentage of the property's market value, which is recalculated periodically to reflect market fluctuations. For homeowners, this means that changes in the real estate market can directly impact their tax obligations. Factors considered in the assessment include the property's location, size, and any improvements or renovations made. Cleveland's median home price is $77,250, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $193, while the 75th percentile reaches $908, and the 90th percentile can be as high as $1,502. Comparatively, with a national median property tax rate of 0.99%, Cleveland homeowners may find their tax bills to be relatively moderate. However, the specific amount each homeowner pays will depend on their property's assessed value and the local tax rate, making it crucial for homeowners to stay informed about their property's valuation and any potential changes in tax legislation.
Average Cleveland Tax Bill
$437
Average Conway County Tax Bill
$532
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72030 | $75 | $193 | $437 | $908 | $1,502 |
Source: Ownwell