Bono, Arkansas Property Taxes
The median property tax rate in Bono, AR is 0.85%, slightly above the state median of 0.84% but below the national median of 0.99%. With the median home value in Bono at $137,440, the typical annual property tax bill amounts to $1,112, which is significantly lower than the national median of $2,690. Property taxes in Bono are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bono's property tax system and exploring available exemptions can lead to substantial annual savings. Whether you're in the heart of Bono or another part of Craighead County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bono, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,168
$1,084
Ownwell’s Bono Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bono with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bono 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 Bono, Arkansas
Property taxes in Bono, Arkansas, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bono is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Bono set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bono 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 Bono's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72416 has both the highest and lowest median property tax rate of 0.85%. Understanding how these areas compare with Bono provides valuable insights into the varying tax landscape across Craighead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bono Tax Rate
0.85%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bono, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | 0.59% | 0.73% | 0.85% | 0.91% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Bono, Arkansas
In Bono, 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 Craighead 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 Bono, 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 Bono helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72416 has the highest and lowest median tax bill, both at $1,112, compared to a national median property tax rate of 0.99%.
Average Bono Assessed Value
$137,440
Average Craighead County Assessed Value
$151,595
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bono, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | $65,266 | $90,680 | $137,440 | $190,710 | $266,217 |
Source: Ownwell
Property Tax Bills Across Bono, Arkansas
In Bono, Craighead County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Bono is $137,440, and the assessed value is determined by local tax assessors. Homeowners in Bono can expect a tax bill that varies significantly based on the assessed value of their property and the local tax rate. For instance, the 25th percentile tax bill is around $710, while the 75th percentile tax bill reaches approximately $1604. At the 90th percentile, homeowners might see a tax bill as high as $2346. These figures illustrate the range of property tax obligations in Bono, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Bono's property taxes can be seen as relatively moderate, providing a balanced approach to funding essential public services without overly burdening homeowners.
Average Bono Tax Bill
$1,112
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Bono, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | $463 | $710 | $1,112 | $1,604 | $2,346 |
Source: Ownwell