Pea Ridge, Arkansas Property Taxes
The median property tax rate in Pea Ridge, AR is 1.00%, slightly above the national median of 0.99% and significantly higher than the Arkansas state median of 0.84%. With the median home value in Pea Ridge at $194,050, the typical annual property tax bill is $1,888, which is below the national median of $2,690. Property taxes in Pea Ridge are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pea Ridge'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 Pea Ridge 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
Pea Ridge, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,941
$1,801
Ownwell’s PEA RIDGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PEA RIDGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PEA RIDGE 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 Pea Ridge, Arkansas
Property taxes in Pea Ridge, Arkansas, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Pea Ridge is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Pea Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pea Ridge 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 Pea Ridge's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72751 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Pea Ridge 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 Pea Ridge Tax Rate
1.00%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pea Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72751 | 0.70% | 0.84% | 1.00% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Pea Ridge, Arkansas
In Pea Ridge, 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 Pea Ridge, 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 Pea Ridge stands at $194,050, with property tax bills ranging from $1,267 at the 25th percentile to $3,176 at the 90th percentile. The highest and lowest median tax bills are both $1,888, found in the 72751 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Pea Ridge Assessed Value
$194,050
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 Pea Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72751 | $91,890 | $151,150 | $194,050 | $247,050 | $298,651 |
Source: Ownwell
Property Tax Bills Across Pea Ridge, Arkansas
In Pea Ridge, AR, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The assessed value is then multiplied by the local property tax rate set by Benton County. For instance, with a median home price of $194,050, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as location within the county, property improvements, and local levies also play a significant role in determining the final tax bill. In Pea Ridge, the 25th percentile tax bill is around $1,267, while the 75th percentile reaches up to $2,682. For those at the 90th percentile, tax bills can be as high as $3,176. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the community's quality of life. Homeowners should be aware of these factors as they significantly affect their annual financial obligations and the overall cost of homeownership.
Average Pea Ridge Tax Bill
$1,888
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Pea Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72751 | $771 | $1,267 | $1,888 | $2,682 | $3,176 |
Source: Ownwell