Russell, Arkansas Property Taxes
The median property tax rate in Russell, AR is 0.84%, which aligns with the Arkansas state median but is still lower than the national median of 0.99%. With a median home value of $29,150 in Russell, the typical annual property tax bill is $214, significantly less than the national median of $2,690. Property taxes in Russell are based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. By understanding Russell's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Russell or another part of the city, a thorough understanding of the local property tax system is essential for maximizing your financial benefits.
Last Updated June 14, 2024
Russell, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$245
Ownwell’s Russell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell 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 Russell, Arkansas
Property taxes in Russell, Arkansas, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Russell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell 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 Russell's effective property tax rate to other areas in Arkansas and the national median. For comparison, the highest and lowest median property tax rates in White County are both 0.84%, found in the zip code 72139. Understanding how these cities compare with Russell 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 Russell Tax Rate
0.84%
Average White County Tax Rate
0.81%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72139 | 0.49% | 0.57% | 0.84% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Russell, Arkansas
In Russell, 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 local appraisal authorities 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 Russell, 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 Russell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72139 has both the highest and lowest median tax bill at $214, providing a unique insight into the localized tax environment.
Average Russell Assessed Value
$29,150
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 Russell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72139 | $1,750 | $9,650 | $29,150 | $66,500 | $93,650 |
Source: Ownwell
Property Tax Bills Across Russell, Arkansas
In Russell, AR, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. For homeowners in this area, the median home price is $29,150. The property tax rate is applied to the assessed value to determine the annual tax bill. Factors such as the property's location within the county and any applicable exemptions can influence the final amount. For example, a homeowner in Russell may find their tax bill falling within a range, with the 25th percentile tax bill at $112 and the 75th percentile tax bill at $414. At the higher end, the 90th percentile tax bill reaches $574. Comparatively, the national median property tax rate is 0.99%, and while Arkansas generally has lower property taxes, individual bills can vary significantly. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting property values. Understanding how these factors interplay helps homeowners plan and budget more effectively.
Average Russell Tax Bill
$214
Average White County Tax Bill
$632
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72139 | $32 | $112 | $214 | $414 | $574 |
Source: Ownwell