Van Buren, Arkansas Property Taxes
The median property tax rate in Van Buren, AR is 0.52%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Van Buren, the typical annual property tax bill reaches $771, significantly below the national median of $2,690. Property taxes in Van Buren 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 Van Buren'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 Van Buren 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
Van Buren, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$776
$720
Ownwell’s Van Buren Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Van Buren with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Van Buren 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 Van Buren, Arkansas
Property taxes in Van Buren, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Van Buren is 0.52%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Van Buren set these rates annually, and they can vary significantly across different neighborhoods. Each year, Van Buren 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 Van Buren's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72956 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Van Buren 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 Van Buren Tax Rate
0.52%
Average Crawford County Tax Rate
0.52%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Van Buren, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72956 | 0.22% | 0.35% | 0.52% | 0.73% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Van Buren, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Van Buren, Arkansas. 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 Crawford 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 Van Buren, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Van Buren is 72956, with a median tax bill of $771.
Average Van Buren Assessed Value
$149,275
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 Van Buren, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72956 | $44,900 | $96,738 | $149,275 | $219,000 | $299,890 |
Source: Ownwell
Property Tax Bills Across Van Buren, Arkansas
In Van Buren, located in Crawford County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The tax rate, applied to this assessed value, is set by local taxing authorities and can vary depending on the specific location within the county. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. Homeowners in Van Buren can expect their tax bills to fall within a range, with the 25th percentile at $413 and the 75th percentile at $1269. For those at the 90th percentile, tax bills can reach up to $1952. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local rates. The property tax bill directly affects homeowners by contributing to the cost of homeownership and funding essential public services like schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners in budgeting and financial planning.
Average Van Buren Tax Bill
$771
Average Crawford County Tax Bill
$716
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Van Buren, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72956 | $192 | $413 | $771 | $1,269 | $1,952 |
Source: Ownwell