Cabot, Arkansas Property Taxes
The median property tax rate in Cabot, AR is 0.96%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $149,850, the typical annual property tax bill in Cabot amounts to $1,277, which is below the national median of $2,690. Property taxes in Cabot are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cabot'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 Cabot 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
Cabot, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,439
Ownwell’s Cabot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cabot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cabot 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 Cabot, Arkansas
Property taxes in Cabot, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cabot is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Cabot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cabot 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 Cabot's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72023 zip code has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Cabot provides valuable insights into the varying tax landscape across Faulkner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cabot Tax Rate
0.96%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cabot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72023 | 0.73% | 0.85% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Cabot, Arkansas
In Cabot, 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 Faulkner 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 Cabot, 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. For instance, the median home price in Cabot is $149,850. The tax bills range from the 25th percentile at $797 to the 90th percentile at $3,070. The zip code 72023 has the highest and lowest median tax bill at $1,277. By understanding 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 Cabot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cabot Assessed Value
$149,850
Average Faulkner County Assessed Value
$149,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cabot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72023 | $60,750 | $93,075 | $149,850 | $236,400 | $336,550 |
Source: Ownwell
Property Tax Bills Across Cabot, Arkansas
In Cabot, located in Faulkner County, Arkansas, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The median home price in Cabot is $149,850. To determine the tax bill, this assessed value is multiplied by the local property tax rate. Homeowners in Cabot can expect their property tax bills to vary significantly, with the 25th percentile tax bill around $797 and the 75th percentile reaching up to $2,277. At the 90th percentile, tax bills can go as high as $3,070. The highest and lowest median tax bills in the area both stand at $1,277, indicating a degree of consistency within the zip code 72023. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Comparing to the national median property tax rate of 0.99%, Cabot's rates reflect a balanced approach to funding community needs while considering homeowner affordability.
Average Cabot Tax Bill
$1,277
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cabot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72023 | $438 | $797 | $1,277 | $2,277 | $3,070 |
Source: Ownwell