Caraway, Arkansas Property Taxes
The median property tax rate in Caraway, AR is 0.84%, aligning with the Arkansas state median but below the national median of 0.99%. With the median home value in Caraway at $64,850, the typical annual property tax bill is $523, significantly lower than the national median of $2,690. Property taxes in Caraway are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Caraway'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 Caraway 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
Caraway, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$545
$506
Ownwell’s Caraway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caraway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caraway 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 Caraway, Arkansas
Property taxes in Caraway, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caraway is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Caraway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caraway 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 Caraway's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72419 has both the highest and lowest median property tax rate of 0.84%. Understanding how Caraway compares with these areas 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 Caraway Tax Rate
0.84%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | 0.60% | 0.72% | 0.84% | 0.97% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Caraway, Arkansas
In Caraway, 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 Caraway, 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 Caraway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72419, with a median tax bill of $523, while the same zip code also reports the lowest median tax bill at $523.
Average Caraway Assessed Value
$64,850
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 Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | $21,147 | $41,680 | $64,850 | $104,710 | $153,338 |
Source: Ownwell
Property Tax Bills Across Caraway, Arkansas
In Caraway, located in Craighead County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, the median home price in Caraway is $64,850. Property tax rates in this region are relatively low compared to the national median property tax rate of 0.99%. Homeowners in Caraway can expect a median tax bill of around $523, with the 25th percentile tax bill at $341 and the 75th percentile at $825. Several factors influence the tax bill, including the assessed value of the property, the local tax rate, and any applicable exemptions. These taxes fund essential services like schools, public safety, and infrastructure. For homeowners, understanding how these elements interact is crucial, as it directly impacts their annual financial obligations. The relatively lower tax rates in Caraway make it an attractive option for homeowners looking for affordability without sacrificing essential services.
Average Caraway Tax Bill
$523
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | $174 | $341 | $523 | $825 | $1,263 |
Source: Ownwell