Ward, Arkansas Property Taxes
The median property tax rate in Ward, AR is 0.93%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Ward at $109,550, the typical annual property tax bill is $1,074, which is significantly less than the national median of $2,690. Property taxes in Ward are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Ward'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 Ward or another part of Lonoke County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ward, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,019
$945
Ownwell’s Ward Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ward with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ward 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 Ward, Arkansas
Property taxes in Ward, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ward is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Ward set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ward 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 Ward's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72176 zip code has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Ward 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 Ward Tax Rate
0.93%
Average Lonoke County Tax Rate
1.01%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ward, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72176 | 0.72% | 0.88% | 0.93% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Ward, Arkansas
In Ward, 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 Lonoke 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 Ward, 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 Ward helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 72176, both at $1074.
Average Ward Assessed Value
$109,550
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 Ward, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72176 | $20,200 | $60,600 | $109,550 | $143,750 | $196,500 |
Source: Ownwell
Property Tax Bills Across Ward, Arkansas
In Ward, located in Lonoke County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, if the median home price is $109,550, the assessed value would be determined by the local assessment rate. Tax bills are then calculated by applying the local property tax rate to this assessed value. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. In Ward, tax bills can vary significantly. For instance, residents in the 25th percentile might pay around $572, while those in the 75th percentile could see bills up to $1,409. At the 90th percentile, tax bills can reach $1,818. These property taxes directly impact homeowners, influencing their annual financial planning and the overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Ward's tax bills reflect the local economic conditions and funding needs for public services.
Average Ward Tax Bill
$1,074
Average Lonoke County Tax Bill
$1,186
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ward, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72176 | $215 | $572 | $1,074 | $1,409 | $1,818 |
Source: Ownwell