Alco, Arkansas Property Taxes
The median property tax rate in ALCO, AR is 0.68%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in ALCO, the typical annual property tax bill reaches $314, significantly below the national median of $2,690. Property taxes in ALCO 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 ALCO'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 ALCO 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
Alco, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$307
Ownwell’s ALCO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ALCO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ALCO 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 Alco, Arkansas
Property taxes in ALCO, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ALCO is 0.68%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within ALCO set these rates annually, and they can vary significantly across different neighborhoods. Each year, ALCO 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 ALCO's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72680 has both the highest and the lowest median property tax rate in the area, standing at 0.68%. Understanding how these cities compare with ALCO provides valuable insights into the varying tax landscape across Searcy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alco Tax Rate
0.68%
Average Searcy County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72680 | 0.57% | 0.65% | 0.68% | 0.82% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Alco, Arkansas
In ALCO, 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 Searcy 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 ALCO, 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 ALCO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 72680, both at $314, with a median home price of $45,125.
Average Alco Assessed Value
$45,125
Average Searcy County Assessed Value
$53,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72680 | $7,890 | $21,700 | $45,125 | $65,712 | $97,240 |
Source: Ownwell
Property Tax Bills Across Alco, Arkansas
In ALCO, located in Searcy County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. For homeowners in ALCO, the median home price stands at $45,125. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and condition. For example, the tax bill at the 25th percentile is $120, while at the 75th percentile, it rises to $464. At the 90th percentile, homeowners can expect to pay around $723 annually. These figures highlight the variability in tax bills depending on individual property assessments. Compared to the national median property tax rate of 0.99%, ALCO's property tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors can help homeowners anticipate their annual financial obligations and budget accordingly.
Average Alco Tax Bill
$314
Average Searcy County Tax Bill
$434
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Alco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72680 | $59 | $120 | $314 | $464 | $723 |
Source: Ownwell