Grady, Arkansas Property Taxes
The median property tax rate in Grady, AR is 0.76%, noticeably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $51,900 in Grady, the typical annual property tax bill amounts to $381, significantly below the national median of $2,690. Property taxes in Grady 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 Grady'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 Grady 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
Grady, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$394
$366
Ownwell’s Grady Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grady with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grady 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 Grady, Arkansas
Property taxes in Grady, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grady is 0.76%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Grady set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grady 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 Grady's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71644 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Grady provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grady Tax Rate
0.76%
Average Jefferson County Tax Rate
0.73%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grady, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71644 | 0.14% | 0.38% | 0.76% | 1.05% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Grady, Arkansas
In Grady, 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 local 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 Grady, 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 Grady helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Grady is $381.00 in the 71644 zip code, while the lowest median tax bill is also $381.00 in the same zip code.
Average Grady Assessed Value
$51,900
Average Jefferson County Assessed Value
$69,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grady, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71644 | $10,480 | $25,325 | $51,900 | $104,950 | $137,700 |
Source: Ownwell
Property Tax Bills Across Grady, Arkansas
Property tax bills in Grady, Jefferson County, AR, are determined by assessing the market value of a property and applying the local tax rate. The median home price in Grady is $51,900, which is relatively low compared to national figures. This lower market value translates to generally lower property tax bills for homeowners in the area. For example, the tax bill at the 25th percentile is $76, while at the 75th percentile, it rises to $671. At the 90th percentile, it can go up to $1,293. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Grady benefit from a tax environment that is less burdensome compared to many other regions, with the highest median tax bill in the ZIP code 71644 being $381. This relatively low property tax burden can make homeownership more affordable, enhancing the appeal of living in Grady for both current residents and potential newcomers.
Average Grady Tax Bill
$381
Average Jefferson County Tax Bill
$457
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Grady, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71644 | $36 | $76 | $381 | $671 | $1,293 |
Source: Ownwell