Protem, Arkansas Property Taxes
The median property tax rate in Protem, AR is 0.64%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Protem, the typical annual property tax bill amounts to $1,240, well below the national median of $2,690. Property taxes in Protem are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Protem'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 Protem or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Protem, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,238
$1,149
Ownwell’s Protem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Protem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Protem 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 Protem, Arkansas
Property taxes in Protem, Arkansas, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Protem is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Protem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Protem 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 Protem's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 65733 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Protem provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Protem Tax Rate
0.64%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Protem, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65733 | 0.40% | 0.46% | 0.64% | 0.78% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Protem, Arkansas
In Protem, 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 Marion 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 Protem, 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 Protem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Protem is $193,425, with tax bills ranging from $872 at the 25th percentile to $2,339 at the 90th percentile. The highest and lowest median tax bills are both $1,240 in the 65733 zip code.
Average Protem Assessed Value
$193,425
Average Marion County Assessed Value
$88,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Protem, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65733 | $81,600 | $156,225 | $193,425 | $317,625 | $349,745 |
Source: Ownwell
Property Tax Bills Across Protem, Arkansas
In the city of Protem, located in Marion County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Protem is approximately $193,425. Property taxes are influenced by various factors, including the local tax rate and any applicable exemptions. For instance, the 25th percentile of property tax bills is around $872, while the 75th percentile is about $1,420. Homeowners in the 90th percentile can expect to pay up to $2,339. These tax bills are significantly lower compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Protem are both recorded at $1,240, which is still below the national average. This relatively low property tax burden can make homeownership more affordable, potentially attracting new residents to the area. However, it’s essential for homeowners to stay informed about local tax policies and any changes that might affect their annual tax obligations.
Average Protem Tax Bill
$1,240
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Protem, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65733 | $580 | $872 | $1,240 | $1,420 | $2,339 |
Source: Ownwell