Locust Grove, Arkansas Property Taxes
The median property tax rate in Locust Grove, AR is 0.59%, which is significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value in Locust Grove of $51,325, the typical annual property tax bill is $238, well below the national median of $2,690. Property taxes in Locust Grove are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Locust Grove'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 Locust Grove 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
Locust Grove, 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 Locust Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locust Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust Grove 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 Locust Grove, Arkansas
Property taxes in Locust Grove, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Locust Grove is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Locust Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust Grove 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 Locust Grove's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72550 has both the highest and the lowest median property tax rate of 0.59%. Understanding how these areas compare with Locust Grove provides valuable insights into the varying tax landscape across Independence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locust Grove Tax Rate
0.59%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locust Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72550 | 0.11% | 0.25% | 0.59% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Locust Grove, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Locust Grove, 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 Independence 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 Locust Grove, 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. Locust Grove's property tax bills vary significantly, with the 25th percentile at $76 and the 75th percentile at $563. The highest median tax bill is $238 in zip code 72550. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Locust Grove Assessed Value
$51,325
Average Independence County Assessed Value
$66,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locust Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72550 | $16,295 | $30,475 | $51,325 | $89,325 | $140,780 |
Source: Ownwell
Property Tax Bills Across Locust Grove, Arkansas
Property tax bills in Locust Grove, located in Independence County, AR, are calculated based on the assessed value of a property, which is determined by the local tax assessor's office. This assessed value is a percentage of the property's market value. For homeowners in Locust Grove, the median home price is $51,325. The property tax rate in this area is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including property location, size, and any applicable exemptions or deductions. For instance, at the 25th percentile, homeowners might pay around $76, while those at the 75th percentile could see bills as high as $563. At the 90th percentile, tax bills can reach up to $996. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. While the highest median tax bill in the area is $238 in the 72550 zip code, this amount is still modest compared to many other regions, making Locust Grove an attractive place for homeowners seeking affordability.
Average Locust Grove Tax Bill
$238
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72550 | $54 | $76 | $238 | $563 | $996 |
Source: Ownwell