Cleveland, Arkansas Property Taxes
The median property tax rate in Cleveland, AR is 0.88%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $55,375 in Cleveland, the typical annual property tax bill is $464, well below the national median of $2,690. Property taxes in Cleveland are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Cleveland'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 Cleveland 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
Cleveland, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$487
Ownwell’s Cleveland Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Cleveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cleveland 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 Cleveland, Arkansas
Property taxes in Cleveland, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cleveland is 0.88%, which is slightly below the U.S. national median of 0.99%. Local government entities within Cleveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cleveland 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 Cleveland's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72030 has both the highest and lowest median property tax rate of 0.88%, the same as Cleveland's rate. Understanding how these cities compare with Cleveland provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cleveland Tax Rate
0.88%
Average Van Buren County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cleveland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72030 | 0.77% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Cleveland, Arkansas
In Cleveland, 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 Van Buren 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 Cleveland, 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. The median home price in Cleveland is $55,375, with tax bills ranging from $307 at the 25th percentile to $1,043 at the 90th percentile. The highest and lowest median tax bills both stand at $464 in zip code 72030. 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 Cleveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cleveland Assessed Value
$55,375
Average Van Buren County Assessed Value
$61,550
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cleveland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72030 | $11,075 | $34,338 | $55,375 | $94,212 | $127,400 |
Source: Ownwell
Property Tax Bills Across Cleveland, Arkansas
In Cleveland, Van Buren County, AR, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Homeowners in this region see a median home price of $55,375, and the tax bills vary significantly. The 25th percentile tax bill is around $307, while the 75th percentile reaches $792, and the 90th percentile can go up to $1,043. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. The assessed value is determined by the county assessor and represents a fraction of the market value. Local tax rates are applied to this assessed value to calculate the final tax bill. Homeowners might also qualify for exemptions, which can reduce the taxable value of their property. Compared to the national median property tax rate of 0.99%, the tax rates in Cleveland can have a noticeable impact on homeowners, affecting their annual budget and long-term financial planning.
Average Cleveland Tax Bill
$464
Average Van Buren County Tax Bill
$534
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cleveland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72030 | $169 | $307 | $464 | $792 | $1,043 |
Source: Ownwell