Centerton, Arkansas Property Taxes
The median property tax rate in Centerton, AR is 1.23%, which is significantly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $206,600 in Centerton, the typical annual property tax bill reaches $2,429, slightly below the national median of $2,690. Property taxes in Centerton are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Centerton'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 Centerton or another part of Benton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Centerton, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$2,541
$2,358
Ownwell’s CENTERTON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CENTERTON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CENTERTON 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 Centerton, Arkansas
Property taxes in Centerton, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Centerton is 0.63%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Centerton set these rates annually, and they can vary across different neighborhoods. Each year, Centerton 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. Understanding how Centerton's effective property tax rate compares to other areas in Benton County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centerton Tax Rate
1.23%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Centerton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72719 | 0.97% | 1.10% | 1.23% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Centerton, Arkansas
In Centerton, 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 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 Centerton, 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 Centerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Centerton is $206,600, with the highest median tax bill being $2,429 in the 72719 zip code.
Average Centerton Assessed Value
$206,600
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 Centerton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72719 | $152,350 | $175,612 | $206,600 | $260,025 | $372,203 |
Source: Ownwell
Property Tax Bills Across Centerton, Arkansas
In Centerton, located in Benton County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the home's market value. For instance, with a median home price of $206,600, the assessed value is derived from this figure. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the property tax bill, including the home's location, size, and any applicable exemptions. Homeowners in Centerton can expect varying tax bills, with the 25th percentile at $2,011 and the 75th percentile at $3,091. The 90th percentile tax bill can reach up to $4,498, indicating a significant range based on property specifics. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Centerton's rates reflect the local economic conditions and public service needs.
Average Centerton Tax Bill
$2,429
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Centerton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72719 | $1,585 | $2,011 | $2,429 | $3,091 | $4,498 |
Source: Ownwell