Cave Springs, Arkansas Property Taxes
The median property tax rate in Cave Springs, AR is 0.94%, slightly below the national median of 0.99% but still higher than the Arkansas state median of 0.84%. With a median home value of $33,750 in Cave Springs, the typical annual property tax bill amounts to $318, which is significantly lower than the national median of $2,690. Property taxes in Cave Springs are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. By understanding Cave Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Cave Springs or another area within the city, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Cave Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$317
Ownwell’s CAVE SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAVE SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAVE SPRINGS 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 Cave Springs, Arkansas
Property taxes in Cave Springs, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cave Springs is 0.61%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Cave Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cave Springs 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 Cave Springs' effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72718 zip code has the highest median property tax rate of 0.61%, while the same 72718 zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Cave Springs provides valuable insights into the varying tax landscape across Benton, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cave Springs Tax Rate
0.94%
Average Johnson County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cave Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72718 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Cave Springs, Arkansas
In Cave Springs, 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 county's 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 Cave Springs, 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 Cave Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cave Springs are both $318, found in the 72718 zip code.
Average Cave Springs Assessed Value
$33,750
Average Johnson County Assessed Value
$80,100
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cave Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72718 | $33,750 | $33,750 | $33,750 | $33,750 | $33,750 |
Source: Ownwell
Property Tax Bills Across Cave Springs, Arkansas
In Cave Springs, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $33,750, homeowners in Cave Springs can expect a median property tax bill of $318. This amount is consistent across various percentiles, including the 25th, 75th, and even the 90th percentile, indicating a uniform tax rate in the area. Factors such as property size, location, and any applicable exemptions also play a role in determining the final tax bill. Compared to the national median property tax rate of 0.99%, the tax rate in Cave Springs is relatively low, making it an attractive option for homeowners. This lower tax burden can significantly affect homeowners by reducing annual expenses, thereby making homeownership more affordable in this region.
Average Cave Springs Tax Bill
$318
Average Johnson County Tax Bill
$542
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cave Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72718 | $318 | $318 | $318 | $318 | $318 |
Source: Ownwell