Proctor, Arkansas Property Taxes
The median property tax rate in Proctor, Arkansas is 0.66%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Proctor at $68,825, the typical annual property tax bill amounts to $418, significantly below the national median of $2,690. Property taxes in Proctor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Proctor'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 Proctor or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Proctor, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Proctor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Proctor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Proctor 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 Proctor, Arkansas
Property taxes in Proctor, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Proctor is 0.66%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Proctor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Proctor 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 Proctor's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72376 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Proctor 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 Proctor Tax Rate
0.66%
Average Crittenden County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Proctor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72376 | 0.46% | 0.54% | 0.66% | 0.70% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Proctor, Arkansas
In Proctor, 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 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. Assessment notices in Proctor 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 Proctor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Proctor, the highest median tax bill is $418 in the 72376 zip code, while the lowest median tax bill is also $418 in the same zip code.
Average Proctor Assessed Value
$68,825
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 Proctor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72376 | $13,175 | $33,562 | $68,825 | $148,888 | $231,900 |
Source: Ownwell
Property Tax Bills Across Proctor, Arkansas
In Proctor, located in Crittenden County, AR, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Proctor is $68,825. To determine the tax bill, the assessed value is multiplied by the local tax rate. The median property tax rate nationally is 0.99%, but local rates can vary. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Proctor, the 25th percentile tax bill is $221, while the 75th percentile tax bill is $889. For those at the higher end, the 90th percentile tax bill reaches $1,445. Homeowners in Proctor can expect their tax bills to reflect these variations, depending on their property's assessed value and any local tax policies. This system ensures that property taxes are proportional to the value of the home, impacting homeowners by contributing to public services and infrastructure while also reflecting the economic landscape of the area.
Average Proctor Tax Bill
$418
Average Crittenden County Tax Bill
$662
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Proctor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72376 | $86 | $221 | $418 | $889 | $1,445 |
Source: Ownwell