Walnut Ridge, Arkansas Property Taxes
The median property tax rate in Walnut Ridge, AR is 0.80%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value in Walnut Ridge at $52,730, the typical annual property tax bill is $420, significantly less than the national median of $2,690. Property taxes in Walnut Ridge are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Walnut Ridge'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 Walnut Ridge or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walnut Ridge, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$422
Ownwell’s Walnut Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Ridge 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 Walnut Ridge, Arkansas
Property taxes in Walnut Ridge, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Ridge is 0.56%, which is lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Walnut Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Ridge 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 Walnut Ridge's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in Craighead County is 0.61%, while the lowest median tax rate is also 0.61%. Understanding how these cities compare with Walnut Ridge provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walnut Ridge 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 Walnut Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72476 | 0.57% | 0.66% | 0.80% | 0.90% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Ridge, Arkansas
In Walnut Ridge, 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 local 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 Walnut Ridge, 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 Walnut Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72476 has the highest and lowest median tax bill at $420.
Average Walnut Ridge Assessed Value
$52,730
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 Walnut Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72476 | $18,446 | $34,454 | $52,730 | $105,869 | $170,917 |
Source: Ownwell
Property Tax Bills Across Walnut Ridge, Arkansas
In Walnut Ridge, located in Craighead 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 this area is $52,730. Tax rates are applied to this assessed value to determine the final tax bill. For example, homeowners in Walnut Ridge can expect tax bills ranging from $298 at the 25th percentile to $694 at the 75th percentile, with the 90th percentile reaching $1,292. The highest and lowest median tax bills in the region are both $420, specifically in the 72476 zip code. Several factors influence the property tax bill, including the home's market value, local tax rates, and any applicable exemptions. These taxes fund essential public services such as schools, emergency services, and infrastructure. For homeowners, understanding how these elements interact is crucial for financial planning and long-term investment in their property. Compared to the national median property tax rate of 0.99%, Walnut Ridge offers relatively affordable property taxes, making it an attractive location for potential homeowners.
Average Walnut Ridge Tax Bill
$420
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72476 | $106 | $298 | $420 | $694 | $1,292 |
Source: Ownwell