Keo, Arkansas Property Taxes
The median property tax rate in KEO, AR is 1.08%, notably higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value in KEO of $43,650, the typical annual property tax bill is $451, which is substantially lower than the national median of $2,690. Property taxes in KEO are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding KEO'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 KEO or another part of Lonoke County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keo, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$471
$437
Ownwell’s KEO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in KEO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in KEO 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 Keo, Arkansas
Property taxes in KEO, Arkansas, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in KEO is 0.43%, which is significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within KEO set these rates annually, and they can vary significantly across different neighborhoods. Each year, KEO 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 KEO's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72083 zip code has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with KEO 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 Keo 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 Keo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72083 | 0.87% | 1.08% | 1.08% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Keo, Arkansas
In KEO, 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 KEO, 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 KEO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in KEO is $451.00, found in zip code 72083, which coincidentally also has the lowest median tax bill.
Average Keo Assessed Value
$43,650
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 Keo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72083 | $12,055 | $28,938 | $43,650 | $87,125 | $171,165 |
Source: Ownwell
Property Tax Bills Across Keo, Arkansas
In KEO, located in Lonoke County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which in this area is influenced by various factors such as location, property size, and home condition. Homeowners in KEO can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $293, while the 75th percentile tax bill reaches approximately $1,011. At the higher end, the 90th percentile tax bill can go up to $1,860. Compared to the national median property tax rate of 0.99%, KEO’s rates can offer a more affordable option for homeowners, especially given the median home price of $43,650. Understanding these factors can help homeowners anticipate their property tax obligations and budget accordingly. The highest and lowest median tax bills in the area are both recorded at $451 in the 72083 zip code, indicating some level of consistency in tax assessments within that region.
Average Keo Tax Bill
$451
Average Lonoke County Tax Bill
$1,186
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Keo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72083 | $113 | $293 | $451 | $1,011 | $1,860 |
Source: Ownwell