Springtown, Arkansas Property Taxes
The median property tax rate in Springtown, Arkansas is 1.10%, noticeably higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Springtown, the typical annual property tax bill amounts to $227, which is significantly lower than the national median of $2,690. Property taxes in Springtown 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 Springtown'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 Springtown or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Springtown, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$227
$210
Ownwell’s Springtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springtown 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 Springtown, Arkansas
Property taxes in Springtown, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springtown is 0.48%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Springtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springtown 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 Springtown's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72734 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Springtown 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 Springtown Tax Rate
1.10%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springtown, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72734 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Springtown, Arkansas
In Springtown, 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. 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 Springtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Springtown, the median home price is $20,615, with the highest and lowest median tax bills both being $227 in the 72734 zip code.
Average Springtown Assessed Value
$20,615
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 Springtown, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72734 | $20,615 | $20,615 | $20,615 | $20,615 | $20,615 |
Source: Ownwell
Property Tax Bills Across Springtown, Arkansas
In Springtown, 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 median home price in Springtown stands at $20,615. Property taxes are determined by applying the local tax rate to this assessed value. For instance, homeowners in Springtown can expect a median property tax bill of $227, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. This uniformity indicates a stable and predictable tax environment for residents. Factors influencing the tax bill include the assessed value of the property and the local tax rate. Compared to the national median property tax rate of 0.99%, Springtown's tax rate reflects the local economic conditions and funding needs for public services. For homeowners, understanding these factors is crucial as it directly affects their annual financial obligations and the overall cost of owning property in the region.
Average Springtown Tax Bill
$227
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Springtown, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72734 | $227 | $227 | $227 | $227 | $227 |
Source: Ownwell