Sparkman, Clark County, Arkansas Property Taxes
The median property tax rate in Sparkman, AR is 1.06%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $48,600 in Sparkman, the typical annual property tax bill reaches $427, which is significantly lower than the national median of $2,690. Property taxes in Sparkman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sparkman'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 Sparkman 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
Sparkman, Clark County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$515
$478
Ownwell’s Sparkman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparkman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparkman 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 Sparkman, Clark County, Arkansas
Property taxes in Sparkman, Arkansas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparkman is 0.52%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Sparkman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparkman 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 Sparkman's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71763 in Clark County has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Sparkman provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sparkman Tax Rate
1.06%
Average Clark County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparkman, Clark County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | 0.62% | 0.74% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Sparkman, Clark County, Arkansas
In Sparkman, 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 Clark 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 Sparkman, 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. The median home price in Sparkman is $48,600, with tax bills ranging significantly. The 25th percentile tax bill is $155, while the 75th percentile reaches $891, and the 90th percentile is $1043. The highest and lowest median tax bills both occur in the 71763 zip code, each at $427. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sparkman, Clark County, Arkansas
Source: Ownwell
$34,750
$62,325
$89,900
Average Sparkman Assessed Value
$48,600
Average Clark County Assessed Value
$58,450
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sparkman, Clark County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | $8,200 | $12,750 | $48,600 | $91,875 | $118,590 |
Source: Ownwell
Property Tax Bills Across Sparkman, Clark County, Arkansas
In Sparkman, located in Clark County, AR, property tax bills are determined by several key factors. The assessed value of a property is the foundation, calculated as a percentage of its market value. For Sparkman, the median home price is $48,600. Property tax rates are then applied to this assessed value to generate the tax bill. In Clark County, the property tax rate can vary, but it generally aligns closely with the national median property tax rate of 0.99%. The tax bill can range significantly based on the specific details of a property. For example, homeowners at the 25th percentile might see tax bills around $155, while those at the 75th percentile could face bills as high as $891. At the 90th percentile, tax bills can reach up to $1,043. These variations impact homeowners differently, with higher-valued properties incurring larger tax burdens. Managing these costs effectively is crucial for homeowners to ensure they are not overpaying on their property taxes.
Average Sparkman Tax Bill
$427
Average Clark County Tax Bill
$458
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparkman, Clark County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | $109 | $155 | $427 | $891 | $1,043 |
Source: Ownwell