Prairie Grove, Arkansas Property Taxes
The median property tax rate in Prairie Grove, AR is 0.37%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Prairie Grove at $244,600, the typical annual property tax bill reaches $916, well below the national median of $2,690. Property taxes in Prairie Grove are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prairie Grove'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 Prairie Grove 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
Prairie Grove, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$905
$840
Ownwell’s Prairie Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie Grove 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 Prairie Grove, Arkansas
Property taxes in Prairie Grove, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie Grove is 0.37%, significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Prairie Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prairie Grove 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 Prairie Grove's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in the region is in another zip code, while Prairie Grove enjoys one of the lowest median tax rates. Understanding how these cities compare with Prairie Grove provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prairie Grove Tax Rate
0.37%
Average Crawford County Tax Rate
0.52%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72753 | 0.37% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Prairie Grove, Arkansas
In Prairie Grove, 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 Prairie Grove, 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 Prairie Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $244,600, and the median tax bill is $916, with zip code 72753 reflecting both the highest and lowest median tax bills.
Average Prairie Grove Assessed Value
$244,600
Average Crawford County Assessed Value
$143,650
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prairie Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72753 | $244,600 | $244,600 | $244,600 | $244,600 | $244,600 |
Source: Ownwell
Property Tax Bills Across Prairie Grove, Arkansas
Property tax bills in Prairie Grove, Crawford County, AR, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined through periodic assessments by local authorities. In Prairie Grove, the median home price is $244,600, and the tax rate is applied to this assessed value to calculate the tax bill. For homeowners in Prairie Grove, the tax bill can have a significant impact on annual expenses. The 25th, 75th, and 90th percentile tax bills are all $916, indicating a consistent tax burden across various property values. This uniformity simplifies budgeting for homeowners, but it's essential to note that property tax bills can still fluctuate based on changes in assessed values or adjustments to the local tax rate. Compared to the national median property tax rate of 0.99%, Prairie Grove's property tax rate appears to be competitive, potentially making it an attractive location for homeowners seeking lower property tax obligations.
Average Prairie Grove Tax Bill
$916
Average Crawford County Tax Bill
$716
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72753 | $916 | $916 | $916 | $916 | $916 |
Source: Ownwell