Portland, Arkansas Property Taxes
The median property tax rate in Portland, Arkansas 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 Portland at $60,800, the typical annual property tax bill amounts to $590, which is significantly lower than the national median of $2,690. Property taxes in Portland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Portland'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 Portland 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
Portland, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$559
Ownwell’s Portland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portland 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 Portland, Arkansas
Property taxes in Portland, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portland is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Portland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portland 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 Portland's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 71663 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Portland 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 Portland 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 Portland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71663 | 0.83% | 0.92% | 0.92% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Portland, Arkansas
In Portland, 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 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 Portland, 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 Portland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 71663 has the highest and lowest median tax bill at $590.
Average Portland Assessed Value
$60,800
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 Portland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71663 | $10,960 | $32,388 | $60,800 | $120,338 | $193,600 |
Source: Ownwell
Property Tax Bills Across Portland, Arkansas
In Portland, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. For homeowners in Portland, the median home price is $60,800. The tax bill varies significantly, with those in the 25th percentile paying around $310, while those in the 75th percentile pay approximately $1,077. At the 90th percentile, the tax bill can reach up to $1,742. Several factors influence the tax bill, including property location, improvements, and local tax levies. Homeowners in Portland should be aware that their property tax rate and subsequent tax bill can be higher or lower depending on these variables. Compared to the national median property tax rate of 0.99%, Portland's tax bills reflect the local economic conditions and property values, impacting homeowners' annual expenses significantly.
Average Portland Tax Bill
$590
Average Chicot County Tax Bill
$342
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Portland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71663 | $145 | $310 | $590 | $1,077 | $1,742 |
Source: Ownwell