Thornton, Arkansas Property Taxes
The median property tax rate in Thornton, AR is 0.97%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $35,250 in Thornton, the typical annual property tax bill amounts to $329, which is significantly lower than the national median of $2,690. Property taxes in Thornton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thornton'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 Thornton 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
Thornton, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$342
$317
Ownwell’s Thornton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thornton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornton 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 Thornton, Arkansas
Property taxes in Thornton, Arkansas, are essential in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornton is 0.97%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Thornton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornton 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 Thornton's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71766 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these areas compare with Thornton provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thornton Tax Rate
0.97%
Average Calhoun County Tax Rate
0.90%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thornton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71766 | 0.86% | 0.86% | 0.97% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Thornton, Arkansas
In Thornton, 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 Calhoun 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 Thornton, 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 Thornton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $329, specifically in the 71766 zip code.
Average Thornton Assessed Value
$35,250
Average Calhoun County Assessed Value
$38,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thornton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71766 | $5,115 | $15,825 | $35,250 | $57,688 | $85,070 |
Source: Ownwell
Property Tax Bills Across Thornton, Arkansas
In Thornton, property tax bills are a crucial aspect of homeownership, calculated based on the assessed value of the property and the local tax rate. The median home price is $35,250, and the assessed value is typically a percentage of this market value. Tax rates in Thornton are reflective of the broader Calhoun County, where the median tax bill is $329.00. Several factors influence the final tax bill, including property characteristics, location, and any applicable exemptions. For example, the tax bill at the 25th percentile is $168, while at the 75th percentile, it rises to $538, with the 90th percentile reaching $807. These variations indicate the range of property values and tax liabilities within the area. Homeowners in Thornton should be aware of these factors, as they directly affect their annual financial obligations. Comparing to the national median property tax rate of 0.99%, Thornton's property tax environment can be considered relatively moderate, providing some relief to homeowners while still supporting local services and infrastructure.
Average Thornton Tax Bill
$329
Average Calhoun County Tax Bill
$351
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71766 | $64 | $168 | $329 | $538 | $807 |
Source: Ownwell