Drasco, Arkansas Property Taxes
The median property tax rate in Drasco, AR is 0.65%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Drasco at $106,555, the typical annual property tax bill is $561, well below the national median of $2,690. Property taxes in Drasco are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Drasco'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 Drasco or elsewhere in Cleburne County, grasping the intricacies of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drasco, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Drasco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drasco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drasco 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 Drasco, Arkansas
Property taxes in Drasco, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drasco is 0.65%, significantly lower than the U.S. national median of 0.99%. Local government entities within Drasco set these rates annually, and they can vary across different neighborhoods. Each year, Drasco 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 Drasco's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72530 has both the highest and lowest median property tax rate in the area, at 0.65%. Understanding how these figures compare with Drasco provides valuable insights into the varying tax landscape across Cleburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drasco Tax Rate
0.65%
Average Cleburne County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drasco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72530 | 0.17% | 0.43% | 0.65% | 0.76% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Drasco, Arkansas
In Drasco, 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 Cleburne 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 Drasco, 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 Drasco is $106,555, with tax bills ranging from $191 at the 25th percentile to $2,835 at the 90th percentile. 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 Drasco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Drasco Assessed Value
$106,555
Average Cleburne County Assessed Value
$128,200
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drasco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72530 | $17,223 | $42,600 | $106,555 | $234,552 | $412,682 |
Source: Ownwell
Property Tax Bills Across Drasco, Arkansas
In Drasco, located in Cleburne County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Drasco is $106,555. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax amount. For homeowners in Drasco, the property tax bills can vary significantly. The 25th percentile tax bill is around $191, while the 75th percentile reaches $1,428. At the 90th percentile, it can go up to $2,835. The highest median tax bill recorded in the area is $561, which is below the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly. The property taxes collected contribute to essential community services, such as schools, roads, and emergency services, thereby affecting the overall quality of life in Drasco.
Average Drasco Tax Bill
$561
Average Cleburne County Tax Bill
$753
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Drasco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72530 | $67 | $191 | $561 | $1,428 | $2,835 |
Source: Ownwell