Siloam Springs, Arkansas Property Taxes
The median property tax rate in Siloam Springs, AR is 1.01%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Siloam Springs at $165,600, the typical annual property tax bill reaches $1,623, which is lower than the national median of $2,690. Property taxes in Siloam 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 Siloam 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 Siloam 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
Siloam Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,673
$1,552
Ownwell’s Siloam Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Siloam Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Siloam 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 Siloam Springs, Arkansas
Property taxes in Siloam Springs, Arkansas, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Siloam Springs is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Siloam Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Siloam 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 Siloam Springs' effective property tax rate to other counties in Arkansas and the national median. For comparison, the ZIP code 72761 has the highest median property tax rate of 1.01%, while the same ZIP code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Siloam 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 Siloam Springs Tax Rate
1.01%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Siloam Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72761 | 0.72% | 0.88% | 1.01% | 1.13% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Siloam Springs, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Siloam Springs, Arkansas. 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 Siloam 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 Siloam Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 72761, with a median tax bill of $1,623.
Property Tax Assessment Values Across Siloam Springs, Arkansas
Source: Ownwell
$13,350
$211,725
$410,100
Average Siloam Springs Assessed Value
$165,600
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 Siloam Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72761 | $77,710 | $122,500 | $165,600 | $219,000 | $302,790 |
Source: Ownwell
Property Tax Bills Across Siloam Springs, Arkansas
In Siloam Springs, Benton County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this region can expect varying tax bills depending on their property's assessed value and the local tax rate. For instance, the median home price is $165,600, and tax bills can range significantly. At the 25th percentile, the tax bill is around $1,124, while at the 75th percentile, it climbs to $2,219, and at the 90th percentile, it reaches $2,960. Several factors influence these tax bills, including the property's location within the county, any applicable exemptions, and the specific millage rates set by local taxing authorities. The highest median tax bill recorded in the area is $1,623, which can be a significant expense for homeowners. Understanding these variables is crucial for homeowners as they directly impact annual financial obligations and long-term affordability of owning property in Siloam Springs.
Average Siloam Springs Tax Bill
$1,623
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Siloam Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72761 | $685 | $1,124 | $1,623 | $2,219 | $2,960 |
Source: Ownwell