Berryville, Arkansas Property Taxes
The median property tax rate in Berryville, AR is 0.65%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Berryville at $125,750, the typical annual property tax bill is $757, much less than the national median of $2,690. Property taxes in Berryville 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 Berryville'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 Berryville 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
Berryville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$817
$759
Ownwell’s Berryville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Berryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berryville 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 Berryville, Arkansas
Property taxes in Berryville, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berryville is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Berryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berryville 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 Berryville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72616 has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Berryville provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berryville Tax Rate
0.65%
Average Carroll County Tax Rate
0.66%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berryville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72616 | 0.25% | 0.43% | 0.65% | 0.89% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Berryville, Arkansas
In Berryville, 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 Carroll 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 Berryville, 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. Berryville's median home price is $125,750, with the 25th percentile tax bill at $361 and the 75th percentile tax bill at $1,341. The highest and lowest median tax bills in Berryville are both $757, found in the 72616 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Berryville Assessed Value
$125,750
Average Carroll County Assessed Value
$140,725
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berryville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72616 | $23,230 | $65,500 | $125,750 | $185,925 | $269,020 |
Source: Ownwell
Property Tax Bills Across Berryville, Arkansas
In Berryville, located in Carroll County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Berryville can expect their tax bills to vary significantly depending on several factors, including property size, location, and any applicable exemptions. The median home price in Berryville is $125,750, and the property tax rate is determined by local taxing authorities. For context, property tax bills in Berryville range widely. At the 25th percentile, homeowners might pay around $361, while those at the 75th percentile see bills closer to $1,341. The top 10% of property tax bills can reach up to $2,106. Comparing these figures to the national median property tax rate of 0.99%, Berryville's property taxes can be more favorable or burdensome depending on individual circumstances. Understanding these factors is crucial for homeowners to manage their finances and anticipate future tax obligations effectively.
Average Berryville Tax Bill
$757
Average Carroll County Tax Bill
$850
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Berryville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72616 | $136 | $361 | $757 | $1,341 | $2,106 |
Source: Ownwell