Lamar, Arkansas Property Taxes
The median property tax rate in Lamar, AR is 0.75%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Lamar at $84,625, the typical annual property tax bill is $578, significantly below the national median of $2,690. Property taxes in Lamar are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lamar'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 Lamar or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lamar, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$635
Ownwell’s Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Arkansas
Property taxes in Lamar, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 0.52%, lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all assessed 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 Lamar's effective property tax rate to other counties in Arkansas and the national median. For comparison, Johnson County has the highest median property tax rate of 0.61%, while Polk County has the lowest median tax rate of 0.32%. Understanding how these counties compare with Lamar provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
0.75%
Average Johnson County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72846 | 0.27% | 0.53% | 0.75% | 1.01% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lamar, 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 Johnson 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 Lamar, 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. For instance, the zip code with the highest median tax bill in Lamar is 72846, with a tax bill of $578. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamar Assessed Value
$84,625
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 Lamar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72846 | $22,495 | $46,588 | $84,625 | $133,312 | $198,820 |
Source: Ownwell
Property Tax Bills Across Lamar, Arkansas
Property tax bills in Lamar, located in Johnson County, AR, are calculated based on the assessed value of a property, which is a percentage of its market value. The tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $84,625, homeowners can expect varying tax bills depending on specific factors such as property location and local tax rates. In Lamar, tax bills can range significantly, from the 25th percentile at $271 to the 75th percentile at $1,004, with the 90th percentile reaching as high as $1,541. The highest and lowest median tax bills in the area both stand at $578, highlighting the variability within the region. Compared to the national median property tax rate of 0.99%, Lamar's property tax rates can be relatively moderate, offering some relief to homeowners. This variability and the relatively moderate tax rates can impact homeowners' financial planning and overall cost of living in the area.
Average Lamar Tax Bill
$578
Average Johnson County Tax Bill
$542
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72846 | $100 | $271 | $578 | $1,004 | $1,541 |
Source: Ownwell