Lockesburg, Arkansas Property Taxes
The median property tax rate in Lockesburg, AR is 0.76%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Lockesburg, the typical annual property tax bill reaches $270, well below the national median of $2,690. Property taxes in Lockesburg 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 Lockesburg'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 Lockesburg 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
Lockesburg, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Lockesburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockesburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockesburg 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 Lockesburg, Arkansas
Property taxes in Lockesburg, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockesburg is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Lockesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockesburg 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 Lockesburg's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71846 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Lockesburg provides valuable insights into the varying tax landscape across Little River County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockesburg Tax Rate
0.76%
Average Little River County Tax Rate
0.55%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockesburg, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71846 | 0.72% | 0.74% | 0.76% | 0.78% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Lockesburg, Arkansas
In Lockesburg, 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 assessor 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 Lockesburg, 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 Lockesburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Zip code 71846 has the highest and lowest median tax bill, both valued at $270, making it essential for residents to stay informed and proactive about their property tax assessments.
Average Lockesburg Assessed Value
$36,650
Average Little River County Assessed Value
$68,475
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockesburg, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71846 | $22,210 | $27,625 | $36,650 | $45,675 | $51,090 |
Source: Ownwell
Property Tax Bills Across Lockesburg, Arkansas
In Lockesburg, located in Little River County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The median home price in Lockesburg stands at $36,650. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, directly impacting the tax amount. Homeowners in Lockesburg can expect tax bills to vary. The 25th percentile tax bill is around $210, while the 75th percentile reaches up to $330. At the 90th percentile, tax bills can be as high as $366. Compared to the national median property tax rate of 0.99%, Lockesburg's tax bills are relatively modest, reflecting the lower property values in the region. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Lockesburg Tax Bill
$270
Average Little River County Tax Bill
$326
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockesburg, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71846 | $174 | $210 | $270 | $330 | $366 |
Source: Ownwell