Coy, Arkansas Property Taxes
The median property tax rate in Coy, Arkansas is 1.08%, which is considerably higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $54,400 in Coy, the typical annual property tax bill reaches $532, still below the national median of $2,690. Property taxes in Coy are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Coy'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 Coy 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
Coy, 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 COY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COY 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 Coy, Arkansas
Property taxes in Coy, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coy is 1.08%, higher than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Coy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coy 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 Coy's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72037 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Coy provides valuable insights into the varying tax landscape across Lonoke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coy Tax Rate
1.08%
Average Lonoke County Tax Rate
1.01%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coy, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72037 | 0.75% | 0.89% | 1.08% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Coy, Arkansas
In Coy, 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 Coy, 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 in Coy is $54,400, with tax bills ranging from $354 at the 25th percentile to $1,189 at the 90th percentile. The zip code 72037 has the highest and lowest median tax bill at $532. 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 Coy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Coy Assessed Value
$54,400
Average Lonoke County Assessed Value
$119,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coy, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72037 | $17,490 | $34,462 | $54,400 | $80,312 | $133,180 |
Source: Ownwell
Property Tax Bills Across Coy, Arkansas
In Coy, located in Lonoke County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Coy is $54,400. The tax rate in this region aligns with the national median property tax rate of 0.99%. Homeowners can expect their tax bills to vary significantly based on their property's assessed value and specific location within the city. For instance, the 25th percentile tax bill is $354, while the 75th percentile tax bill is $774, and the 90th percentile tax bill reaches $1,189. This range indicates that several factors, such as property improvements, neighborhood, and local levies, influence the final tax amount. The highest median tax bill recorded in the area is $532, which also happens to be the lowest, indicating a consistent rate across different zip codes. This variability in tax bills can significantly impact homeowners' annual expenses and budgeting.
Average Coy Tax Bill
$532
Average Lonoke County Tax Bill
$1,186
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Coy, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72037 | $231 | $354 | $532 | $774 | $1,189 |
Source: Ownwell