Sherwood, Arkansas Property Taxes
The median property tax rate in Sherwood, AR is 0.91%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $176,225, the typical annual property tax bill in Sherwood amounts to $1,511, which is below the national median of $2,690. Property taxes in Sherwood are calculated based on the assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Sherwood'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 Sherwood or another part of Pulaski County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sherwood, 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 Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherwood 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 Sherwood, Arkansas
Property taxes in Sherwood, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 0.91%, which is below the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other areas in Pulaski County and the national median. For comparison, the zip code 72117 has the highest median property tax rate of 1.04%, while the zip code 72120 has the lowest median tax rate of 0.91%. Understanding how these cities compare with Sherwood provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sherwood Tax Rate
0.91%
Average Pulaski County Tax Rate
1.04%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72102 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
| 72116 | N/A | N/A | N/A | N/A | N/A |
| 72117 | 0.98% | 1.04% | 1.04% | 1.04% | 1.04% |
| 72120 | 0.68% | 0.82% | 0.91% | 1.02% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Arkansas
In Sherwood, 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 Pulaski 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. 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Sherwood, the highest median tax bill is $1,739 in the 72102 zip code, while the lowest median tax bill is $322 in the 72117 zip code.
Average Sherwood Assessed Value
$176,225
Average Pulaski County Assessed Value
$148,242
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sherwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72102 | $178,945 | $178,945 | $178,945 | $178,945 | $178,945 |
| 72116 | N/A | N/A | N/A | N/A | N/A |
| 72117 | $28,801 | $29,762 | $30,875 | $59,156 | $86,561 |
| 72120 | $88,705 | $127,026 | $176,338 | $249,881 | $320,767 |
Source: Ownwell
Property Tax Bills Across Sherwood, Arkansas
In Sherwood, Pulaski County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and improvements can influence its assessed value. For instance, the median home price in Sherwood is $176,225, but tax bills can vary significantly. Homeowners in the 25th percentile pay around $1,061, while those in the 75th percentile face bills of about $2,231. At the 90th percentile, the tax bill can reach up to $3,039. The highest median tax bill in the area is $1,739 in the 72102 zip code, whereas the lowest is $322 in the 72117 zip code. These variations can significantly affect homeowners, impacting their annual budgets and financial planning. Compared to the national median property tax rate of 0.99%, Sherwood's rates offer a diverse range of tax burdens for its residents.
Average Sherwood Tax Bill
$1,511
Average Pulaski County Tax Bill
$1,457
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72102 | $1,739 | $1,739 | $1,739 | $1,739 | $1,739 |
| 72116 | N/A | N/A | N/A | N/A | N/A |
| 72117 | $300 | $310 | $322 | $522 | $902 |
| 72120 | $698 | $1,061 | $1,512 | $2,232 | $3,039 |
Source: Ownwell