Knoxville, Arkansas Property Taxes
The median property tax rate in Knoxville, Arkansas, is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $71,250 in Knoxville, the typical annual property tax bill amounts to $541, significantly below the national median of $2,690. Property taxes in Knoxville 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 Knoxville'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 Knoxville 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
Knoxville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$549
Ownwell’s Knoxville Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Knoxville. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Knoxville to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more granular insights, additional localized information is available by scrolling down. Your property’s assessed value, determined by the county, is essential for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Knoxville, Arkansas
Property taxes in Knoxville, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knoxville is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knoxville 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. Understanding how Knoxville's effective property tax rate compares to other areas in Johnson County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knoxville Tax Rate
0.77%
Average Johnson County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knoxville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72845 | 0.18% | 0.47% | 0.77% | 1.03% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Knoxville, Arkansas
In Knoxville, 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 Knoxville, 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 Knoxville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 72845, with a tax bill of $541.00, while the same zip code also has the lowest median tax bill at $541.00.
Average Knoxville Assessed Value
$71,250
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 Knoxville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72845 | $18,630 | $41,500 | $71,250 | $132,050 | $224,670 |
Source: Ownwell
Property Tax Bills Across Knoxville, Arkansas
In Knoxville, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Knoxville typically see tax bills that vary significantly depending on the value of their property. For instance, the median home price in Knoxville is $71,250. At the 25th percentile, homeowners might pay around $216 annually, while those at the 75th percentile could see bills as high as $952. For the top 10% of property values, tax bills can reach up to $1,694. The highest median tax bill recorded in the area is $541, which is significantly lower than the national median property tax rate of 0.99%. These variations in tax bills directly impact homeowners, influencing their annual financial planning and the overall affordability of their homes. Understanding these factors helps homeowners anticipate their property tax obligations and manage their budgets more effectively.
Average Knoxville Tax Bill
$541
Average Johnson County Tax Bill
$542
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Knoxville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72845 | $59 | $216 | $541 | $952 | $1,694 |
Source: Ownwell