Berryville, Arkansas Property Taxes
The median property tax rate in Berryville, AR is 0.84%, which aligns with the Arkansas state median but is slightly below the national median of 0.99%. With a median home value of $10,700, the typical annual property tax bill in Berryville is $90, significantly lower than the national median of $2,690. Property taxes in Berryville 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 Berryville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Berryville or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Berryville, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Berryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Berryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berryville 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 Berryville, Arkansas
Property taxes in Berryville, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berryville is 0.84%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Berryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berryville 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 Berryville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72616 zip code has the highest median property tax rate of 0.84%, while the lowest median tax rate is also 0.84%. Understanding how these cities compare with Berryville provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berryville Tax Rate
0.84%
Average Newton County Tax Rate
0.71%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berryville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72616 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Berryville, Arkansas
In Berryville, 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 Berryville, 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 Berryville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Berryville Assessed Value
$10,700
Average Newton County Assessed Value
$77,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berryville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72616 | $10,700 | $10,700 | $10,700 | $10,700 | $10,700 |
Source: Ownwell
Property Tax Bills Across Berryville, Arkansas
In Berryville, Newton County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $10,700, the assessed value is used to calculate the tax liability. The local tax rate is then applied to this assessed value to determine the annual property tax bill. In Berryville, the tax bill falls within a narrow range, with the 25th, 75th, and 90th percentiles all at $90. This is significantly lower than the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood changes, and local tax policies can influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly impact annual expenses. Lower property tax rates in Berryville can make homeownership more affordable compared to other regions.
Average Berryville Tax Bill
$90
Average Newton County Tax Bill
$525
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Berryville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72616 | $90 | $90 | $90 | $90 | $90 |
Source: Ownwell