Griffithville, Arkansas Property Taxes
The median property tax rate in Griffithville, AR is 0.60%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Griffithville being $67,700, the typical annual property tax bill reaches $387, well below the national median of $2,690. Property taxes in Griffithville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Griffithville'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 Griffithville 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
Griffithville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$406
Ownwell’s Griffithville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Griffithville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Griffithville to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. 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 Griffithville, Arkansas
Property taxes in Griffithville, Arkansas, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Griffithville is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Griffithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Griffithville 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 Griffithville's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72060 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these areas compare with Griffithville provides valuable insights into the varying tax landscape across Prairie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Griffithville Tax Rate
0.60%
Average Prairie County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Griffithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72060 | 0.17% | 0.37% | 0.60% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Griffithville, Arkansas
In Griffithville, 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 Prairie 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 Griffithville, 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 Griffithville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Griffithville is 72060, with a median tax bill of $387.
Average Griffithville Assessed Value
$67,700
Average Prairie County Assessed Value
$51,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Griffithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72060 | $19,425 | $38,825 | $67,700 | $106,062 | $139,850 |
Source: Ownwell
Property Tax Bills Across Griffithville, Arkansas
In Griffithville, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, with a median home price of $67,700, the assessed value is determined by local assessment rates. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in Griffithville can expect tax bills that vary widely, with the 25th percentile paying around $233 annually, while those in the 75th percentile pay about $637. At the 90th percentile, the tax bill can reach up to $1,015. The highest median tax bill recorded in the area is $387, which is notably lower than the national median property tax rate of 0.99%. This relatively low property tax rate can make homeownership more affordable in Griffithville, but it's essential for homeowners to stay informed about their property's assessed value and any changes in local tax rates.
Average Griffithville Tax Bill
$387
Average Prairie County Tax Bill
$335
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Griffithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72060 | $94 | $233 | $387 | $637 | $1,015 |
Source: Ownwell