Norfork, Baxter County, Arkansas Property Taxes
The median property tax rate in Norfork, AR is 0.71%, which is significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $132,250 in Norfork, the typical annual property tax bill comes to $883, well below the national median of $2,690. Property taxes in Norfork are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Norfork'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 Norfork 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
Norfork, Baxter County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$939
$871
Ownwell’s Norfork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norfork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norfork 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 Norfork, Baxter County, Arkansas
Property taxes in Norfork, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norfork is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Norfork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norfork 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 Norfork's effective property tax rate to other areas in Baxter County and the national median. For comparison, the zip code 72658 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these areas compare with Norfork 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 Norfork Tax Rate
0.71%
Average Baxter County Tax Rate
0.65%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norfork, Baxter County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72658 | 0.48% | 0.59% | 0.71% | 0.90% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Norfork, Baxter County, Arkansas
In Norfork, 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 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 Norfork, 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 Norfork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Norfork is $132,250, with the highest median tax bill found in the 72658 zip code at $883.00.
Property Tax Assessment Values Across Norfork, Baxter County, Arkansas
Source: Ownwell
$50,600
$102,075
$153,550
Average Norfork Assessed Value
$132,250
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 Norfork, Baxter County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72658 | $25,080 | $62,300 | $132,250 | $231,900 | $360,300 |
Source: Ownwell
Property Tax Bills Across Norfork, Baxter County, Arkansas
In Norfork, located in Baxter County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property’s market value and then apply an assessment ratio. For homeowners in Norfork, the median home price is $132,250. Property tax rates are then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $425, while it rises to $1,740 at the 75th percentile. At the 90th percentile, homeowners might see a bill as high as $2,579. These variations can significantly impact homeowners, particularly when compared to the national median property tax rate of 0.99%. In Baxter County, the highest and lowest median tax bills are both $883, indicating a relatively consistent tax environment within the region. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Norfork Tax Bill
$883
Average Baxter County Tax Bill
$862
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Norfork, Baxter County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72658 | $178 | $425 | $883 | $1,740 | $2,579 |
Source: Ownwell