Damascus, Arkansas Property Taxes
The median property tax rate in Damascus, AR 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 Damascus at $90,700, the typical annual property tax bill amounts to $732, which is significantly below the national median of $2,690. Property taxes in Damascus 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 Damascus'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 Damascus 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
Damascus, 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 Damascus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Damascus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Damascus 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 Damascus, Arkansas
Property taxes in Damascus, Arkansas, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Damascus is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Damascus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Damascus 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 Damascus's effective property tax rate to other areas in Faulkner County and the national median. For comparison, the zip code 72039 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Damascus 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 Damascus Tax Rate
0.92%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Damascus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | 0.63% | 0.80% | 0.92% | 0.98% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Damascus, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Damascus, 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 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 Damascus, 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 Damascus 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 in Damascus is 72039, with a median tax bill of $732.00, which is the same for the lowest median tax bill.
Average Damascus Assessed Value
$90,700
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 Damascus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | $21,800 | $46,325 | $90,700 | $144,925 | $227,630 |
Source: Ownwell
Property Tax Bills Across Damascus, Arkansas
In Damascus, located in Faulkner County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Damascus is $90,700. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and condition can influence its assessed value. Homeowners in Damascus experience a range of property tax bills. For example, the 25th percentile tax bill is $409, while the 75th percentile tax bill is $1,285. At the higher end, the 90th percentile tax bill reaches $2,083. These figures indicate the variability in tax bills depending on property values and other assessment factors. Compared to the national median property tax rate of 0.99%, the property tax situation in Damascus can be considered relatively moderate. Homeowners need to be aware of these factors as they directly impact their financial planning and the overall cost of owning property in the area.
Average Damascus Tax Bill
$732
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Damascus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | $191 | $409 | $732 | $1,285 | $2,083 |
Source: Ownwell