Russellville, Arkansas Property Taxes
The median property tax rate in Russellville, AR is 0.96%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $32,950 in Russellville, the typical annual property tax bill is $317, significantly lower than the national median of $2,690. Property taxes in Russellville are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Russellville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Russellville 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
Russellville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$316
$294
Ownwell’s Russellville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russellville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russellville 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 Russellville, Arkansas
Property taxes in Russellville, Arkansas, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Russellville is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Russellville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russellville 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 Russellville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72801 has both the highest and lowest median property tax rate of 0.96%. Understanding how these rates compare with Russellville provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russellville Tax Rate
0.96%
Average Logan County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russellville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72801 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Russellville, Arkansas
In Russellville, 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 Logan 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 Russellville, 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 highest median tax bill in Russellville is $317 in the 72801 zip code, which is also the lowest, highlighting the uniformity in property tax assessments. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Russellville Assessed Value
$32,950
Average Logan County Assessed Value
$67,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russellville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72801 | $32,950 | $32,950 | $32,950 | $32,950 | $32,950 |
Source: Ownwell
Property Tax Bills Across Russellville, Arkansas
In Russellville, Logan County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. In this region, the median home price is $32,950. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. In Russellville, the tax bill at the 25th, 75th, and 90th percentiles is consistently $317, reflecting a stable tax rate within this area. This amount is significantly lower than the national median property tax rate of 0.99%, making it more affordable for homeowners in Logan County. For homeowners, understanding these factors is crucial as it affects their annual expenses and can influence decisions related to buying, selling, or renovating a property. Lower property taxes can also enhance the overall attractiveness of the region for potential buyers.
Average Russellville Tax Bill
$317
Average Logan County Tax Bill
$602
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Russellville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72801 | $317 | $317 | $317 | $317 | $317 |
Source: Ownwell