State University, Arkansas Property Taxes
The median property tax rate in State University, Arkansas is 0.92%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in State University at $64,050, the typical annual property tax bill amounts to $587, which is considerably below the national median of $2,690. Property taxes in State University are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding State University'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 State University 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
State University, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s STATE UNIVERSITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in STATE UNIVERSITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in STATE UNIVERSITY 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 State University, Arkansas
Property taxes in State University, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in State University is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within State University set these rates annually, and they can vary significantly across different neighborhoods. Each year, State University 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 State University's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72467 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with State University 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 State University Tax Rate
0.92%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across State University, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72467 | 0.89% | 0.90% | 0.92% | 0.93% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across State University, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in State University, Arkansas. 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 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 State University, 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. The median home price in State University is $64,050, with the 25th percentile tax bill at $558 and the 75th percentile at $655. The highest and lowest median tax bills are both $587 in the 72467 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across State University, Arkansas
Source: Ownwell
$14,785
$217,988
$421,190
Average State University Assessed Value
$64,050
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 State University, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72467 | $56,665 | $59,938 | $64,050 | $71,350 | $123,940 |
Source: Ownwell
Property Tax Bills Across State University, Arkansas
In STATE UNIVERSITY, located in Craighead County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $64,050, the assessed value is determined by local assessment rules. Various factors, such as the property's location, size, and condition, influence this assessed value. The tax rate is then applied to the assessed value to determine the annual property tax bill. In STATE UNIVERSITY, the 25th percentile tax bill is $558, while the 75th percentile tax bill is $655. Homeowners in the 90th percentile can expect to pay around $1,094. These figures highlight the variability in property tax bills within the area. Compared to the national median property tax rate of 0.99%, STATE UNIVERSITY offers a relatively affordable tax environment for homeowners. However, understanding how these taxes are calculated can help homeowners budget effectively and potentially appeal their property tax assessments if they believe they are overvalued.
Average State University Tax Bill
$587
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across State University, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72467 | $525 | $558 | $587 | $655 | $1,094 |
Source: Ownwell