Greenway, Arkansas Property Taxes
The median property tax rate in Greenway, AR is 0.82%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Greenway at $45,850, the typical annual property tax bill reaches $417, significantly below the national median of $2,690. Property taxes in Greenway are calculated based on the assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Greenway'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 Greenway 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
Greenway, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$376
Ownwell’s Greenway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenway 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 Greenway, Arkansas
Property taxes in Greenway, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenway is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Greenway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenway 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 Greenway's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72430 has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Greenway 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 Greenway Tax Rate
0.82%
Average Clay County Tax Rate
0.78%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72430 | 0.54% | 0.68% | 0.82% | 0.92% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Greenway, Arkansas
In Greenway, 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 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 Greenway, 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 Greenway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 72430, both at $417.
Average Greenway Assessed Value
$45,850
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 Greenway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72430 | $10,710 | $24,288 | $45,850 | $98,712 | $159,145 |
Source: Ownwell
Property Tax Bills Across Greenway, Arkansas
In Greenway, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $45,850, the assessed value forms the basis for determining the tax bill. Local tax rates are then applied to this assessed value. In Greenway, homeowners can expect property tax bills to vary significantly. The 25th percentile tax bill is around $214, while the 75th percentile reaches $684, and the 90th percentile climbs to $1,193. These variations are influenced by factors such as property location, home improvements, and local tax levies. Compared to the national median property tax rate of 0.99%, Greenway's property tax rates can present both challenges and opportunities for homeowners. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their finances effectively.
Average Greenway Tax Bill
$417
Average Clay County Tax Bill
$445
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72430 | $115 | $214 | $417 | $684 | $1,193 |
Source: Ownwell