Cave Springs, Arkansas Property Taxes
The median property tax rate in Cave Springs, AR is 1.20%, considerably higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Cave Springs at $318,175, the typical annual property tax bill reaches $3,723, exceeding the national median of $2,690. Property taxes in Cave Springs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cave Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cave Springs 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
Cave Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$3,818
$3,543
Ownwell’s CAVE SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAVE SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAVE SPRINGS 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 Cave Springs, Arkansas
Property taxes in Cave Springs, Arkansas, are crucial for supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cave Springs is 1.20%, significantly higher than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Cave Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cave Springs 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 Cave Springs' effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72718 zip code has the highest median property tax rate of 1.20%, while the 72718 zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with Cave Springs provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cave Springs Tax Rate
1.20%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cave Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72718 | 0.95% | 1.06% | 1.20% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Cave Springs, Arkansas
In Cave Springs, 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 Benton County 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 Cave Springs, 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 Cave Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $3723 in zip code 72718, while the lowest median tax bill is also $3723 in the same zip code.
Average Cave Springs Assessed Value
$318,175
Average Benton County Assessed Value
$211,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cave Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72718 | $197,535 | $251,488 | $318,175 | $378,112 | $549,021 |
Source: Ownwell
Property Tax Bills Across Cave Springs, Arkansas
In Cave Springs, AR, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Cave Springs is $318,175. The county assesses property taxes, and homeowners can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $2,697, while the 75th percentile tax bill reaches $4,524. At the higher end, the 90th percentile tax bill can be as much as $6,384. Several factors influence these tax amounts, including the market value of the property, local tax rates, and any applicable exemptions. These factors collectively determine the financial responsibility of homeowners in Cave Springs. Compared to the national median property tax rate of 0.99%, the tax rates in Cave Springs can be quite impactful, especially at higher property values. Homeowners must consider these taxes as part of their overall housing expenses, potentially affecting their budgeting and financial planning.
Average Cave Springs Tax Bill
$3,723
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cave Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72718 | $2,004 | $2,697 | $3,723 | $4,524 | $6,384 |
Source: Ownwell