Lakeview, Baxter County, Arkansas Property Taxes
The median property tax rate in Lakeview, Arkansas is 0.64%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $148,000 in Lakeview, the typical annual property tax bill amounts to $912, significantly below the national median of $2,690. Property taxes in Lakeview are determined based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Lakeview's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Lakeview or another area within the city, becoming well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeview, Baxter County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$947
$879
Ownwell’s Lakeview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeview 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 Lakeview, Baxter County, Arkansas
Property taxes in Lakeview, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeview is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Lakeview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeview 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. For comparison, the zip code 72642 has both the highest and lowest median property tax rate in the area, standing at 0.64%. Understanding how these cities compare with Lakeview 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 Lakeview Tax Rate
0.64%
Average Baxter County Tax Rate
0.65%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeview, Baxter County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72642 | 0.45% | 0.56% | 0.64% | 0.71% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Lakeview, Baxter County, Arkansas
In Lakeview, 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 Baxter County Assessor's Office 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 Lakeview, 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 Lakeview is $148,000, with tax bills ranging from $588 at the 25th percentile to $1,809 at the 90th percentile. The highest and lowest median tax bills are both $912 in the 72642 zip code. 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 Lakeview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lakeview, Baxter County, Arkansas
Source: Ownwell
$50,600
$102,075
$153,550
Average Lakeview Assessed Value
$148,000
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 Lakeview, Baxter County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72642 | $34,165 | $98,950 | $148,000 | $206,738 | $279,695 |
Source: Ownwell
Property Tax Bills Across Lakeview, Baxter County, Arkansas
Property tax bills in Lakeview, Baxter County, AR, are calculated based on the assessed value of a property, which is typically a percentage of the property's market value. For homeowners in this region, the median home price is $148,000. The assessed value is then multiplied by the local property tax rate to determine the tax bill. In Lakeview, property tax bills can vary significantly. For example, homeowners at the 25th percentile pay around $588, while those at the 75th percentile face bills of approximately $1300. The top 10% of property tax bills can reach up to $1809. Interestingly, both the highest and lowest median tax bills in the area are reported to be $912, highlighting the variability within the community. These tax bills play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these bills are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Lakeview Tax Bill
$912
Average Baxter County Tax Bill
$862
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeview, Baxter County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72642 | $203 | $588 | $912 | $1,300 | $1,809 |
Source: Ownwell