Brickeys, Arkansas Property Taxes
The median property tax rate in Brickeys, AR is 0.67%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Brickeys at $45,335, the typical annual property tax bill reaches $314, significantly below the national median of $2,690. Property taxes in Brickeys are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brickeys' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Brickeys 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
Brickeys, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$304
Ownwell’s Brickeys Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brickeys with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brickeys 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 Brickeys, Arkansas
Property taxes in Brickeys, Arkansas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Brickeys is 0.67%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Brickeys set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brickeys 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 Brickeys' effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72320 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Brickeys provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brickeys Tax Rate
0.67%
Average Lee County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brickeys, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72320 | 0.58% | 0.65% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Brickeys, Arkansas
In Brickeys, 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 Lee 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 Brickeys, 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. The median home price here is $45,335, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $137, while the 75th percentile tax bill is $813, and the 90th percentile tax bill reaches $2,254. The zip code 72320 has both the highest and lowest median tax bill at $314. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brickeys Assessed Value
$45,335
Average Lee County Assessed Value
$41,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brickeys, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72320 | $4,132 | $14,925 | $45,335 | $127,782 | $318,950 |
Source: Ownwell
Property Tax Bills Across Brickeys, Arkansas
In Brickeys, located in Lee County, AR, property tax bills are determined based on the assessed value of a property. The assessed value is a percentage of the market value of the home, which is then multiplied by the local tax rate to calculate the tax bill. For example, with a median home price of $45,335, homeowners can expect a range of property tax bills. At the 25th percentile, the tax bill is around $137, while at the 75th percentile, it can be as high as $813. The 90th percentile tax bill reaches up to $2,254. Several factors influence these amounts, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential local services such as schools, roads, and emergency services, directly impacting the community. Compared to the national median property tax rate of 0.99%, Brickeys offers relatively affordable property taxes, making it an attractive option for homeowners looking to manage their expenses effectively.
Average Brickeys Tax Bill
$314
Average Lee County Tax Bill
$285
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Brickeys, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72320 | $40 | $137 | $314 | $813 | $2,254 |
Source: Ownwell