Lowell, Arkansas Property Taxes
The median property tax rate in Lowell, Arkansas is 0.95%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value in Lowell, the typical annual property tax bill reaches $1,856, which is lower than the national median of $2,690. Property taxes in Lowell 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 Lowell'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 Lowell 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
Lowell, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,876
$1,741
Ownwell’s Lowell Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lowell with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lowell to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lowell, Arkansas
Property taxes in Lowell, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowell is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Lowell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowell 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 Lowell's effective property tax rate to other areas in Benton County and the national median. For comparison, the zip code 72745 has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Lowell 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 Lowell Tax Rate
0.95%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72745 | 0.72% | 0.86% | 0.95% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Lowell, Arkansas
In Lowell, 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 Lowell, 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 Lowell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lowell is $1856 in the 72745 zip code, while the lowest median tax bill is also $1856 in the same zip code.
Average Lowell Assessed Value
$197,525
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 Lowell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72745 | $112,300 | $158,700 | $197,525 | $248,938 | $332,209 |
Source: Ownwell
Property Tax Bills Across Lowell, Arkansas
In Lowell, Benton County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $197,525, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $1,411, while the 75th percentile reaches around $2,433, and the 90th percentile can be as high as $3,064. This variation is influenced by factors such as property location, improvements, and local tax levies. Compared to the national median property tax rate of 0.99%, homeowners in Lowell experience a range of tax burdens. Understanding these factors is crucial for homeowners to anticipate their annual expenses and plan their finances accordingly. The highest and lowest median tax bills in the area are both $1,856, indicating a consistent tax rate across different properties.
Average Lowell Tax Bill
$1,856
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72745 | $862 | $1,411 | $1,856 | $2,433 | $3,064 |
Source: Ownwell