Rector, Arkansas Property Taxes
The median property tax rate in Rector, AR is 0.82%, slightly lower than the Arkansas state median of 0.84% and below the national median of 0.99%. With a median home value of $57,750 in Rector, the typical annual property tax bill is approximately $461, significantly lower than the national median of $2,690. Property taxes in Rector are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Rector'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 Rector 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
Rector, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$474
$439
Ownwell’s Rector Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Rector. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Rector to provide an accurate estimate of your property tax bill. This insightful tool helps you understand your potential tax liabilities, making it easier to plan and budget accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Clay County for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Rector, Arkansas
Property taxes in Rector, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rector is 0.82%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Rector set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rector 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 Rector's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72461 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 areas compare with Rector 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 Rector 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 Rector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72461 | 0.55% | 0.68% | 0.82% | 0.97% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Rector, Arkansas
In Rector, 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 Rector, 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 Rector helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Rector is 72461, with a median tax bill of $461.
Average Rector Assessed Value
$57,750
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 Rector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72461 | $7,915 | $29,888 | $57,750 | $90,162 | $140,940 |
Source: Ownwell
Property Tax Bills Across Rector, Arkansas
In Rector, located in Clay County, AR, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. The median home price in Rector is $57,750. Property taxes are then calculated by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including the assessed value, any applicable exemptions, and the local tax rate. For instance, homeowners in Rector might expect a tax bill ranging from $264 at the 25th percentile to $1,068 at the 90th percentile. The median tax bill in the area stands at $461.00, which is considerably lower than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is essential for financial planning and anticipating annual expenses. Lower property taxes in Rector can make homeownership more affordable compared to other regions.
Average Rector Tax Bill
$461
Average Clay County Tax Bill
$445
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Rector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72461 | $98 | $264 | $461 | $680 | $1,068 |
Source: Ownwell