Letona, Arkansas Property Taxes
The median property tax rate in Letona, AR is 0.81%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Letona, the typical annual property tax bill is $416, significantly below the national median of $2,690. Property taxes in Letona 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 Letona'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 Letona 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
Letona, 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 Letona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Letona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Letona 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 Letona, Arkansas
Property taxes in Letona, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Letona is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Letona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Letona 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 Letona's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72085 has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Letona provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Letona Tax Rate
0.81%
Average White County Tax Rate
0.81%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Letona, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72085 | 0.61% | 0.71% | 0.81% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Letona, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Letona, Arkansas. 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 White 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 Letona, 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 Letona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 72085 in Letona has the same median tax bill of $416, reflecting a balanced tax landscape in the area.
Average Letona Assessed Value
$54,975
Average White County Assessed Value
$81,100
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Letona, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72085 | $9,775 | $24,962 | $54,975 | $78,275 | $116,850 |
Source: Ownwell
Property Tax Bills Across Letona, Arkansas
In Letona, located in White 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 Letona is $54,975. Property tax rates in this region are influenced by local government budgets and the needs of public services such as schools and infrastructure. The tax bill can vary significantly; for instance, the 25th percentile tax bill is $223, while the 75th percentile tax bill is $596, and the 90th percentile tax bill reaches $798. These property taxes directly impact homeowners by contributing to the overall cost of owning a home. For comparison, the national median property tax rate is 0.99%, making Letona's tax bills relatively moderate. This means that while the property taxes in Letona are an essential part of homeownership, they are not as burdensome as in other regions with higher rates.
Average Letona Tax Bill
$416
Average White County Tax Bill
$632
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Letona, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72085 | $99 | $223 | $416 | $596 | $798 |
Source: Ownwell