Murfreesboro, Arkansas Property Taxes
The median property tax rate in Murfreesboro, Arkansas is 0.89%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Murfreesboro at $68,100, the typical annual property tax bill is $590, significantly below the national median of $2,690. Property taxes in Murfreesboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Murfreesboro'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 Murfreesboro 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
Murfreesboro, 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 Murfreesboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Murfreesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murfreesboro 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 Murfreesboro, Arkansas
Property taxes in Murfreesboro, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murfreesboro is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Murfreesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murfreesboro 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 Murfreesboro's effective property tax rate to other areas in Pike County and the national median. For comparison, the zip code 71958 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Murfreesboro provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murfreesboro Tax Rate
0.89%
Average Pike County Tax Rate
0.84%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Murfreesboro, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71958 | 0.63% | 0.75% | 0.89% | 0.93% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Murfreesboro, Arkansas
In Murfreesboro, 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 Pike County Assessor's Office 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 Murfreesboro, 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 Murfreesboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Pike County is $590 in the 71958 zip code, while the lowest median tax bill is also $590 in the same zip code.
Average Murfreesboro Assessed Value
$68,100
Average Pike County Assessed Value
$63,750
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Murfreesboro, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71958 | $13,055 | $36,562 | $68,100 | $121,825 | $223,180 |
Source: Ownwell
Property Tax Bills Across Murfreesboro, Arkansas
In Murfreesboro, Pike 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 this area is $68,100. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, homeowners at the 25th percentile can expect a tax bill around $331, while those at the 75th percentile might see a bill closer to $992. The highest median tax bill recorded in the region is $590 in the 71958 zip code. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life in Murfreesboro. Compared to the national median property tax rate of 0.99%, the tax rates in this area may offer some relief to homeowners. Understanding these factors can help homeowners better anticipate their annual expenses and plan their finances accordingly.
Average Murfreesboro Tax Bill
$590
Average Pike County Tax Bill
$523
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Murfreesboro, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71958 | $170 | $331 | $590 | $992 | $1,856 |
Source: Ownwell