Corning, Arkansas Property Taxes
The median property tax rate in Corning, AR is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $59,300 in Corning, the typical annual property tax bill is $416, significantly below the national median of $2,690. Property taxes in Corning are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural land. Understanding Corning's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Corning or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Corning, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$457
$424
Ownwell’s Corning Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corning with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corning 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 Corning, Arkansas
Property taxes in Corning, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corning is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Corning set these rates annually, and they can vary across different neighborhoods. Each year, Corning 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. Understanding how Corning's effective property tax rate compares with other regions in Arkansas and the national median provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corning Tax Rate
0.77%
Average Clay County Tax Rate
0.78%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corning, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72422 | 0.48% | 0.62% | 0.77% | 0.86% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Corning, Arkansas
In Corning, 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 Clay 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 Corning, 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 Corning helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 72422 has the highest and lowest median tax bill, both at $416, highlighting the uniformity in property tax distribution within the area.
Average Corning Assessed Value
$59,300
Average Clay County Assessed Value
$59,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corning, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72422 | $7,920 | $27,300 | $59,300 | $93,050 | $132,100 |
Source: Ownwell
Property Tax Bills Across Corning, Arkansas
In Corning, located in Clay County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Corning face a median property tax bill of $416, which is considerably lower than the national median property tax rate of 0.99%. This lower tax rate can be attributed to the region's more affordable housing market, with a median home price of $59,300. Several factors influence the final tax bill, including the home's assessed value, applicable tax rates, and any exemptions or reductions for which the homeowner might qualify. For example, tax bills in the 25th percentile are around $230, while those in the 75th percentile reach $654, and the 90th percentile can be as high as $964. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby affecting the community's overall quality of life.
Average Corning Tax Bill
$416
Average Clay County Tax Bill
$445
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Corning, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72422 | $82 | $230 | $416 | $654 | $964 |
Source: Ownwell