Banks, Arkansas Property Taxes
The median property tax rate in Banks, AR is 0.92%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Banks at $29,250, the typical annual property tax bill is $289, significantly lower than the national median of $2,690. Property taxes in Banks 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 Banks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Banks or another part of Bradley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Banks, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$269
$250
Ownwell’s Banks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Banks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Banks 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 Banks, Arkansas
Property taxes in Banks, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Banks is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Banks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Banks 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 Banks' effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71631 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Banks provides valuable insights into the varying tax landscape across Bradley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Banks Tax Rate
0.92%
Average Bradley County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Banks, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71631 | 0.87% | 0.92% | 0.92% | 0.95% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Banks, Arkansas
In Banks, 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 Bradley 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 Banks, 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. For instance, the median home price in Banks is $29,250, with tax bills ranging from $116 at the 25th percentile to $860 at the 90th percentile. The highest and lowest median tax bills are both $289 in the 71631 zip code. By understanding 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 Banks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Banks Assessed Value
$29,250
Average Bradley County Assessed Value
$39,800
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Banks, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71631 | $2,760 | $9,850 | $29,250 | $56,595 | $91,150 |
Source: Ownwell
Property Tax Bills Across Banks, Arkansas
In Banks, located in Bradley County, AR, property tax bills are calculated based on several key factors. The primary component is the assessed value of the property, which is a percentage of its market value. For homeowners, the median home price is $29,250. The tax rate is applied to this assessed value to determine the annual property tax bill. In this region, property tax bills can vary significantly. At the 25th percentile, homeowners might expect a tax bill of around $116, while those at the 75th percentile could see bills as high as $522. For those in the 90th percentile, the tax bill can reach up to $860. The highest median tax bill in the area is $289, which is consistent across all zip codes in Bradley County. These property taxes fund local services and infrastructure, directly affecting homeowners by contributing to the quality of public amenities such as schools, roads, and emergency services. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan accordingly.
Average Banks Tax Bill
$289
Average Bradley County Tax Bill
$393
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Banks, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71631 | $42 | $116 | $289 | $522 | $860 |
Source: Ownwell