Jericho, Arkansas Property Taxes
The median property tax rate in Jericho, Arkansas is 1.03%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Jericho, the typical annual property tax bill reaches $46, which is significantly lower than the national median of $2,690. Property taxes in Jericho 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 Jericho'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 Jericho 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
Jericho, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$46
$43
Ownwell’s Jericho Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jericho with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jericho to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and manage your budget effectively. For those interested in more granular details, scrolling down reveals trends and information at the neighborhood level. Your property’s assessed value is the figure assigned by Crittenden County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Jericho, Arkansas
Property taxes in Jericho, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jericho is 1.03%, higher than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Jericho set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jericho 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 Jericho's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72327 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Jericho provides valuable insights into the varying tax landscape across Crittenden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jericho Tax Rate
1.03%
Average Crittenden County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jericho, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72327 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Jericho, Arkansas
In Jericho, 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 Crittenden 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 Jericho, 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. For instance, the 25th percentile of tax bills in Jericho is $30, while the 75th percentile is $161, and the 90th percentile reaches $231. Being aware of these valuation processes in Jericho helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jericho Assessed Value
$4,500
Average Crittenden County Assessed Value
$81,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jericho, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72327 | $1,900 | $2,875 | $4,500 | $15,675 | $22,380 |
Source: Ownwell
Property Tax Bills Across Jericho, Arkansas
Property tax bills in Jericho, located in Crittenden County, Arkansas, are calculated based on the assessed value of a property. The assessed value is typically a percentage of the property's market value, which is determined by the local tax assessor. In Jericho, the median home price is $4,500, which is significantly lower than the national median home price. This lower market value results in relatively modest property tax bills for homeowners. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is $30, while at the 75th percentile, it rises to $161. At the 90th percentile, homeowners can expect a tax bill of $231. These figures indicate that while property taxes in Jericho are generally low compared to the national median property tax rate of 0.99%, they can still vary significantly based on individual property assessments. Homeowners in Jericho benefit from these lower property tax rates, making it an attractive location for those looking to minimize their tax burden.
Average Jericho Tax Bill
$46
Average Crittenden County Tax Bill
$662
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Jericho, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72327 | $20 | $30 | $46 | $161 | $231 |
Source: Ownwell