Conway, Arkansas Property Taxes
The median property tax rate in Conway, AR is 0.92%, 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 Conway at $138,900, the typical annual property tax bill reaches $1,281, which is below the national median of $2,690. Property taxes in Conway 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 land. Understanding Conway'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 Conway 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
Conway, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,278
Ownwell’s Conway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Conway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Conway 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 Conway, Arkansas
Property taxes in Conway, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Conway is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Conway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Conway 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 Conway's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72032 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Conway provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Conway Tax Rate
0.92%
Average Pope County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Conway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72032 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Conway, Arkansas
In Conway, 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 Pope 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 Conway, 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 Conway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72032 has both the highest and lowest median tax bills, with a value of $1,281.
Average Conway Assessed Value
$138,900
Average Pope County Assessed Value
$105,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Conway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72032 | $138,900 | $138,900 | $138,900 | $138,900 | $138,900 |
Source: Ownwell
Property Tax Bills Across Conway, Arkansas
In Conway, property tax bills are calculated based on the assessed value of a home, which is derived from a percentage of its market value. The tax rate applied to this assessed value determines the final tax bill. Factors such as local government budgets, school funding requirements, and municipal services contribute to setting the tax rate. For homeowners in Conway, the median home price stands at $138,900, leading to a median tax bill of $1,281. This is significantly higher than the national median property tax rate of 0.99%. The impact on homeowners is substantial, as property taxes fund essential services like public education, infrastructure maintenance, and emergency services. Higher tax bills can influence household budgets, making it crucial for homeowners to understand their property’s assessed value and the local tax rate. In Conway, the consistency in tax bills, with the 25th, 75th, and 90th percentiles all at $1,281, reflects a uniform approach in tax assessments across different property values.
Average Conway Tax Bill
$1,281
Average Pope County Tax Bill
$927
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Conway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72032 | $1,281 | $1,281 | $1,281 | $1,281 | $1,281 |
Source: Ownwell