Summit, Arkansas Property Taxes
The median property tax rate in Summit, Arkansas is 0.83%, slightly lower than the state median of 0.84% and well below the national median of 0.99%. With a median home value of $50,150 in Summit, the typical annual property tax bill is $389, significantly less than the national median of $2,690. Property taxes in Summit are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Summit's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Summit or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summit, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$416
$386
Ownwell’s Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit 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 Summit, Arkansas
Property taxes in Summit, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summit is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit 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 Summit's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72677 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Summit 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 Summit Tax Rate
0.83%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72677 | 0.62% | 0.72% | 0.83% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Summit, Arkansas
In Summit, 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 Summit, 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 Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Summit are both $389, found in the 72677 zip code.
Average Summit Assessed Value
$50,150
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 Summit, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72677 | $12,495 | $27,012 | $50,150 | $73,012 | $104,735 |
Source: Ownwell
Property Tax Bills Across Summit, Arkansas
In Summit, Arkansas, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners in Summit, the median home price stands at $50,150. The property tax rate in Arkansas is relatively low compared to the national median property tax rate of 0.99%. In Summit, the tax bill varies significantly depending on the value of the property. At the 25th percentile, homeowners can expect to pay around $214 annually, while those at the 75th percentile might see bills closer to $610. For properties at the 90th percentile, the tax bill can reach up to $790. The highest and lowest median tax bills in the area are both $389, concentrated in the 72677 zip code. This variability in tax bills can significantly impact homeowners, influencing their overall cost of living and long-term financial planning. Understanding these factors is crucial for anyone considering property ownership in Summit.
Average Summit Tax Bill
$389
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72677 | $116 | $214 | $389 | $610 | $790 |
Source: Ownwell