Newport, Arkansas Property Taxes
The median property tax rate in Newport, AR, is 0.89%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $60,725 in Newport, the typical annual property tax bill is $548, which is significantly lower than the national median of $2,690. Property taxes in Newport are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Newport'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 Newport 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
Newport, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$540
Ownwell’s Newport Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and prospective buyers looking to estimate their annual property taxes in Newport. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Newport to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more granular details, scroll down to explore neighborhood-level trends. Your property's assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Newport, Arkansas
Property taxes in Newport, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.89%, slightly below the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72112 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across Woodruff County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.89%
Average Woodruff County Tax Rate
0.89%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72112 | 0.15% | 0.51% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Arkansas
In Newport, 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 local 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 Newport, 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. Newport's highest median tax bill is found in the 72112 zip code, amounting to $548. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Newport Assessed Value
$60,725
Average Woodruff County Assessed Value
$44,350
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72112 | $26,105 | $34,125 | $60,725 | $90,038 | $186,370 |
Source: Ownwell
Property Tax Bills Across Newport, Arkansas
In Newport, Woodruff County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Newport experience varying tax bills, with the 25th percentile paying around $144 and the 75th percentile paying up to $805 annually. The tax bill can go as high as $2,273 for the 90th percentile of properties. Factors influencing these tax bills include the property’s assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, properties in the zip code 72112 have a median tax bill of $548, which is consistent across the area. Compared to the national median property tax rate of 0.99%, Newport homeowners generally pay lower property taxes. These taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Newport Tax Bill
$548
Average Woodruff County Tax Bill
$317
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72112 | $50 | $144 | $548 | $805 | $2,273 |
Source: Ownwell