Lake City, Arkansas Property Taxes
The median property tax rate in Lake City, AR is 0.80%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Lake City at $100,618, the typical annual property tax bill is $787, significantly below the national median of $2,690. Property taxes in Lake City are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lake City'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 Lake City or another part of Craighead County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake City, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$805
$747
Ownwell’s Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake City 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 Lake City, Arkansas
Property taxes in Lake City, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake City 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 Lake City's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72437 zip code has the highest median property tax rate of 0.80%, while the 72437 zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Lake City 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 Lake City Tax Rate
0.80%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72437 | 0.59% | 0.71% | 0.80% | 0.90% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Arkansas
In Lake City, 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 Lake City, 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. For instance, the median home price in Lake City is $100,618, with annual tax bills ranging from $557 at the 25th percentile to $1,702 at the 90th percentile. The highest and lowest median tax bills, both at $787, can be found in the 72437 zip code. 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 Lake City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake City Assessed Value
$100,618
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 Lake City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72437 | $43,979 | $74,442 | $100,618 | $155,776 | $206,142 |
Source: Ownwell
Property Tax Bills Across Lake City, Arkansas
In Lake City, Craighead County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, the median home price in Lake City is $100,618. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $557 and the 75th percentile reaching $1,217. The 90th percentile tax bill can be as high as $1,702. These figures show a wide range of tax burdens, reflecting differences in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Lake City's property tax rates can be relatively favorable, depending on the specific assessed value and exemptions applied. This variability in tax bills means that homeowners in Lake City must be diligent in understanding how their property is assessed and what exemptions they may qualify for. Such knowledge can significantly impact their annual tax obligations and overall financial planning.
Average Lake City Tax Bill
$787
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72437 | $341 | $557 | $787 | $1,217 | $1,702 |
Source: Ownwell