El Dorado, Arkansas Property Taxes
The median property tax rate in El Dorado, AR is 0.87%, which is lower than the national median of 0.99% but slightly above the Arkansas state median of 0.84%. With a median home value of $53,450, the typical annual property tax bill in El Dorado is $465, significantly below the national median of $2,690. Property taxes in El Dorado are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating El Dorado's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of El Dorado or another part of the city, understanding the local property tax system will benefit homeowners and real estate investors alike.
Last Updated June 14, 2024
El Dorado, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s El Dorado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in El Dorado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in El Dorado 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 El Dorado, Arkansas
Property taxes in El Dorado, Arkansas, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in El Dorado is 0.87%, which is below the U.S. national median of 0.99%. Local government entities within El Dorado set these rates annually, and they can vary significantly across different neighborhoods. Each year, El Dorado 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 El Dorado's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71730 zip code has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with El Dorado provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average El Dorado Tax Rate
0.87%
Average Chicot County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across El Dorado, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71730 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across El Dorado, Arkansas
In El Dorado, 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 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 El Dorado, 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 El Dorado 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 $465, found in zip code 71730.
Average El Dorado Assessed Value
$53,450
Average Chicot County Assessed Value
$35,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across El Dorado, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71730 | $53,450 | $53,450 | $53,450 | $53,450 | $53,450 |
Source: Ownwell
Property Tax Bills Across El Dorado, Arkansas
In El Dorado, located in Union County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value. Local tax rates are then applied to this assessed value to determine the annual tax bill. Homeowners in El Dorado experience a median property tax rate that aligns closely with the national median of 0.99%. For a home with a median price of $53,450, the typical tax bill is around $465. This amount is consistent across various percentiles, indicating a stable tax environment in the area. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. For homeowners, understanding how property taxes are calculated can help in budgeting and financial planning, ensuring they are prepared for their annual tax obligations.
Average El Dorado Tax Bill
$465
Average Chicot County Tax Bill
$342
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across El Dorado, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71730 | $465 | $465 | $465 | $465 | $465 |
Source: Ownwell