Lepanto, Arkansas Property Taxes
The median property tax rate in Lepanto, AR is 0.81%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Lepanto at $146,970, the typical annual property tax bill is $1,032, which is considerably less than the national median of $2,690. Property taxes in Lepanto are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lepanto'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 Lepanto 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
Lepanto, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,190
Ownwell’s Lepanto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lepanto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lepanto 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 Lepanto, Arkansas
Property taxes in Lepanto, Arkansas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lepanto is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Lepanto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lepanto 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 Lepanto's effective property tax rate to other regions and the national median. For comparison, the highest median property tax rate in the area is also 0.81% in the zip code 72354, while the lowest median tax rate is the same at 0.81% in the same zip code. Understanding how these cities compare with Lepanto provides valuable insights into the varying tax landscape across Mississippi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lepanto Tax Rate
0.81%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lepanto, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72354 | 0.58% | 0.66% | 0.81% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Lepanto, Arkansas
In Lepanto, 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 Mississippi 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 Lepanto, 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 Lepanto is $146,970, with tax bills ranging from $663 at the 25th percentile to $2,905 at the 90th percentile. Zip code 72354 has the highest and lowest median tax bill at $1,032. 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 Lepanto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lepanto Assessed Value
$146,970
Average Mississippi County Assessed Value
$66,110
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lepanto, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72354 | $57,272 | $110,152 | $146,970 | $255,829 | $324,984 |
Source: Ownwell
Property Tax Bills Across Lepanto, Arkansas
In Lepanto, located in Mississippi 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 Lepanto is $146,970. To determine the tax bill, the assessed value is multiplied by the local tax rate. For instance, with a tax bill at the 25th percentile being $663 and at the 75th percentile reaching $1,982, homeowners can expect their annual property tax to vary significantly based on their property's assessed value. Several factors influence the tax bill, including property improvements, changes in market conditions, and local government budgets. For example, properties in the zip code 72354 have a median tax bill of $1,032. Compared to the national median property tax rate of 0.99%, Lepanto's tax rates can be more favorable for homeowners. Understanding these variables helps homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Lepanto Tax Bill
$1,032
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lepanto, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72354 | $452 | $663 | $1,032 | $1,982 | $2,905 |
Source: Ownwell