Holiday Island, Carroll County, Arkansas Property Taxes
The median property tax rate in Holiday Island, Arkansas is 0.67%, which is significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $190,450 in Holiday Island, the typical annual property tax bill amounts to $1,238, well below the national median of $2,690. Property taxes in Holiday Island are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Holiday Island'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 Holiday Island 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
Holiday Island, Carroll County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$1,276
$1,184
Ownwell’s Holiday Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holiday Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holiday Island 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 Holiday Island, Carroll County, Arkansas
Property taxes in Holiday Island, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holiday Island is 0.67%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Holiday Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holiday Island 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 Holiday Island's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72631 has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with Holiday Island 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 Holiday Island Tax Rate
0.67%
Average Carroll County Tax Rate
0.66%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holiday Island, Carroll County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72631 | 0.36% | 0.47% | 0.67% | 0.86% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Holiday Island, Carroll County, Arkansas
In Holiday Island, 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 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 Holiday Island, 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 Holiday Island 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 are both $1,238, found in the 72631 zip code.
Property Tax Assessment Values Across Holiday Island, Carroll County, Arkansas
Source: Ownwell
$72,450
$154,063
$235,675
Average Holiday Island Assessed Value
$190,450
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 Holiday Island, Carroll County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72631 | $54,590 | $126,250 | $190,450 | $256,312 | $342,875 |
Source: Ownwell
Property Tax Bills Across Holiday Island, Carroll County, Arkansas
In Holiday Island, Carroll County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county's assessor. This assessed value is a percentage of the home's market value. For instance, a home with a median market price of $190,450 would have its assessed value calculated accordingly. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including property location, home improvements, and exemptions for which homeowners may qualify. In Holiday Island, property tax bills can vary significantly. For example, the 25th percentile tax bill is around $777, while the 75th percentile reaches up to $1,772. At the 90th percentile, homeowners might see tax bills as high as $2,494. These property tax bills impact homeowners by contributing to the overall cost of homeownership, influencing housing affordability and the potential resale value of properties. Comparing this to the national median property tax rate of 0.99%, Holiday Island's tax rates provide a specific context for local homeowners.
Average Holiday Island Tax Bill
$1,238
Average Carroll County Tax Bill
$850
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Holiday Island, Carroll County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72631 | $387 | $777 | $1,238 | $1,772 | $2,494 |
Source: Ownwell