Big Flat, Arkansas Property Taxes
The median property tax rate in Big Flat, AR is 0.87%, 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 $77,000 in Big Flat, the typical annual property tax bill amounts to $637, which is significantly below the national median of $2,690. Property taxes in Big Flat are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Big Flat'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 Big Flat 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
Big Flat, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$670
Ownwell’s Big Flat Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Flat with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Flat 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 Big Flat, Arkansas
Property taxes in Big Flat, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Flat is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Big Flat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Flat 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 Big Flat's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72617 zip code has both the highest and lowest median property tax rate in the area at 0.87%. Understanding how these cities compare with Big Flat 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 Big Flat Tax Rate
0.87%
Average Searcy County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Flat, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72617 | 0.80% | 0.80% | 0.87% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Big Flat, Arkansas
In Big Flat, 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 Big Flat, 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 Big Flat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $637, found in the zip code 72617.
Average Big Flat Assessed Value
$77,000
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 Big Flat, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72617 | $66,085 | $68,988 | $77,000 | $90,788 | $104,085 |
Source: Ownwell
Property Tax Bills Across Big Flat, Arkansas
In Big Flat, Searcy County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Big Flat is $77,000. Local tax authorities apply a tax rate to this assessed value to determine the annual property tax bill. Factors such as property improvements, neighborhood changes, and local budget needs can influence the assessed value and, consequently, the tax bill. For homeowners in Big Flat, property tax bills can vary significantly. At the 25th percentile, the tax bill is $598, while at the 75th percentile, it is $767. For those at the 90th percentile, the tax bill reaches $951. The median tax bill in the region's highest and lowest zip code, 72617, stands at $637. These taxes fund essential community services like schools, infrastructure, and emergency services, impacting the overall quality of life and property values in the area.
Average Big Flat Tax Bill
$637
Average Searcy County Tax Bill
$434
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Flat, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72617 | $576 | $598 | $637 | $767 | $951 |
Source: Ownwell