Lake Village, Chicot County, Arkansas Property Taxes
Median Lake Village, AR effective property tax rate: 0.92%, slightly lower than the national median of 1.02%, but higher than the Arkansas state median of 0.84%. Median Lake Village, AR home value: $58,300. Median annual Lake Village, AR tax bill: $531, $1,869 lower than the national median property tax bill of $2,400.
How are property taxes in Chicot County calculated?
Property taxes in Lake Village, AR are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Lake Village’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake Village, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lake Village, Chicot County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.92%
Estimate Property Tax Bill
$536
$498
Property Tax Rates Across Lake Village, Chicot County, Arkansas
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lake Village Tax Rate
0.92%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Chicot County Tax Rate
0.92%
Median Effective Arkansas Tax Rate
0.84%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lake Village, Chicot County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71653 | 0.71% | 0.91% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Lake Village, Chicot County, Arkansas
When examining property taxes in Lake Village, AR, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Chicot County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Chicot County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake Village. For example, the median home price in Lake Village is $58,300, with tax bills ranging significantly across the county. 71653 has the highest median home price at $58,300.
Property Tax Assessment Values Across Lake Village, Chicot County, Arkansas
Source: Ownwell
$24,350
$42,575
$60,800
Median Lake Village Market Value
$58,300
Median Chicot County Market Value
$35,600
Median Arkansas Market Value
$113,950
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lake Village, Chicot County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71653 | $8,150 | $25,350 | $58,300 | $134,150 | $248,540 |
Source: Ownwell
Property Tax Bills Across Lake Village, Chicot County, Arkansas
In Lake Village, located within Chicot County, Arkansas, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $58,300, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $245, while the 75th percentile reaches $1,173, and the 90th percentile climbs to $2,121. The median tax bill in the area is $531, which is considerably lower than the national median of $2,400, reflecting the lower property values in the region. Homeowners in Lake Village may find their property tax burdens influenced by factors such as home improvements or changes in local tax rates.
Ownwell offers homeowners a valuable service in navigating these complexities. By providing property tax appeal and exemption services, Ownwell can help ensure that homeowners are not overpaying on their tax bills. With expert knowledge and a personalized approach, Ownwell assists in identifying potential savings, offering peace of mind and financial relief to property owners.
Median Lake Village Tax Bill
$531
Median Chicot County Tax Bill
$342
Median Arkansas Tax Bill
$877
Median United States Tax Bill
$2,400
Property Tax Bills Across Lake Village, Chicot County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71653 | $99 | $245 | $531 | $1,173 | $2,121 |
Source: Ownwell