Elizabeth, Arkansas Property Taxes
The median property tax rate in Elizabeth, Arkansas is 0.81%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $107,100 in Elizabeth, the typical annual property tax bill amounts to $818, significantly below the national median of $2,690. Property taxes in Elizabeth are determined based on the tax assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Elizabeth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elizabeth or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabeth, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$868
Ownwell’s Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth 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 Elizabeth, Arkansas
Property taxes in Elizabeth, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72531 holds both the highest and lowest median property tax rate in the region at 0.81%. Understanding how these cities compare with Elizabeth provides valuable insights into the varying tax landscape across Baxter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
0.81%
Average Baxter County Tax Rate
0.65%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72531 | 0.58% | 0.70% | 0.81% | 0.94% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, Arkansas
In Elizabeth, 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 Elizabeth, 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 Elizabeth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 72531, with a median tax bill of $818.
Average Elizabeth Assessed Value
$107,100
Average Baxter County Assessed Value
$137,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabeth, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72531 | $22,175 | $48,975 | $107,100 | $188,900 | $307,490 |
Source: Ownwell
Property Tax Bills Across Elizabeth, Arkansas
In Elizabeth, Baxter County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $107,100, the assessed value is determined by local assessment practices. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Factors that influence the tax bill include the home's market value, any applicable exemptions, and the local tax rate. In Elizabeth, the tax bill can vary significantly, with the 25th percentile at $369 and the 90th percentile reaching up to $2,285. This range highlights the impact of property value and assessment accuracy on the tax amount. For homeowners, understanding these factors is crucial as they directly affect annual financial obligations. Compared to the national median property tax rate of 0.99%, Elizabeth's property tax rates offer a glimpse into the local taxation landscape, which can be beneficial for budgeting and financial planning.
Average Elizabeth Tax Bill
$818
Average Baxter County Tax Bill
$862
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72531 | $168 | $369 | $818 | $1,497 | $2,285 |
Source: Ownwell