Lake Village, Arkansas Property Taxes
The median property tax rate in Lake Village, AR is 0.92%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Lake Village at $58,300, the typical annual property tax bill is around $531, which is significantly lower than the national median of $2,690. Property taxes in Lake Village are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lake Village's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Lake Village or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Village, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$536
$498
Ownwell’s Lake Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Village 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 Chicot County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Village, Arkansas
Property taxes in Lake Village, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Village is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Lake Village set these rates annually, and they can vary across different neighborhoods. Each year, Lake Village 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 Lake Village's effective property tax rate to other counties in Arkansas and the national median. For comparison, Lake Village's zip code 71653 has both the highest and lowest median property tax rate in Chicot County, standing at 0.92%. Understanding how these figures compare with Lake Village provides valuable insights into the varying tax landscape across Chicot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Village Tax Rate
0.92%
Average Chicot County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Village, 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, Arkansas
In Lake Village, 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 Chicot 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 Lake Village, 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 Lake Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lake Village are both $531, found in the 71653 zip code.
Average Lake Village Assessed Value
$58,300
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 Lake Village, 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, Arkansas
In Lake Village, located in Chicot County, AR, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For homeowners in Lake Village, the median home price is $58,300. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. For example, the tax bill at the 25th percentile is $245, while at the 75th percentile, it rises to $1,173. At the 90th percentile, it can reach up to $2,121. These variations demonstrate how property values and local tax rates can significantly impact what homeowners pay annually. Compared to the national median property tax rate of 0.99%, the property tax bills in Lake Village can vary widely, reflecting the unique economic conditions and property values in the region. This system ensures that property taxes are proportionate to the value of the property, thereby distributing the tax burden more equitably among homeowners.
Average Lake Village Tax Bill
$531
Average Chicot County Tax Bill
$342
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71653 | $99 | $245 | $531 | $1,173 | $2,121 |
Source: Ownwell