Bay, Arkansas Property Taxes
The median property tax rate in Bay, Arkansas is 0.87%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Bay, the typical annual property tax bill reaches $761, considerably below the national median of $2,690. Property taxes in Bay 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 Bay'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 Bay 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
Bay, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$799
Ownwell’s BAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BAY 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 Bay, Arkansas
Property taxes in Bay, Arkansas, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bay is 0.87%, which is below the U.S. national median of 0.99%. Local government entities within Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bay 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 Bay's effective property tax rate to other regions in Arkansas and the national median. For comparison, the zip code 72411 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Bay provides valuable insights into the varying tax landscape across Craighead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bay Tax Rate
0.87%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72411 | 0.58% | 0.76% | 0.87% | 0.99% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Bay, Arkansas
In BAY, 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 Craighead 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 BAY, 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. In BAY, the median home price is $91,865, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $514, while the 75th percentile reaches $1,082. The highest median tax bill, found in ZIP code 72411, is $761. 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 BAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bay Assessed Value
$91,865
Average Craighead County Assessed Value
$151,595
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72411 | $41,758 | $67,862 | $91,865 | $121,044 | $182,818 |
Source: Ownwell
Property Tax Bills Across Bay, Arkansas
In Bay, located in Craighead County, AR, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the home. For example, with a median home price of $91,865, the assessed value will be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. In Bay, the property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $514, while the 75th percentile reaches $1,082, and the 90th percentile can go up to $1,559. This range demonstrates how property taxes can impact homeowners differently based on their property's assessed value and available exemptions. Comparatively, the property tax rate in Bay is relatively low, especially when considering the national median property tax rate of 0.99%. This can make homeownership more affordable for residents in this area.
Average Bay Tax Bill
$761
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72411 | $346 | $514 | $761 | $1,082 | $1,559 |
Source: Ownwell