Cherry Valley, Cross County, Arkansas Property Taxes
The median property tax rate in Cherry Valley, AR is 0.72%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Cherry Valley at $52,250, the typical annual property tax bill reaches $359, well below the national median of $2,690. Property taxes in Cherry Valley 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 Cherry Valley'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 Cherry Valley 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
Cherry Valley, Cross County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$376
$349
Ownwell’s Cherry Valley Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cherry Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherry Valley 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 Cherry Valley, Cross County, Arkansas
Property taxes in Cherry Valley, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherry Valley is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Cherry Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherry Valley 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 Cherry Valley's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72324 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Cherry Valley provides valuable insights into the varying tax landscape across Cross County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherry Valley Tax Rate
0.72%
Average Cross County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherry Valley, Cross County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72324 | 0.13% | 0.32% | 0.72% | 0.99% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Cherry Valley, Cross County, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cherry Valley, 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 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 Cherry Valley, 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 Cherry Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Cherry Valley is $52,250, with tax bills ranging from $143 at the 25th percentile to $1,473 at the 90th percentile. The zip code 72324 has the highest median tax bill at $359.
Property Tax Assessment Values Across Cherry Valley, Cross County, Arkansas
Source: Ownwell
$25,850
$49,700
$73,550
Average Cherry Valley Assessed Value
$52,250
Average Cross County Assessed Value
$66,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cherry Valley, Cross County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72324 | $13,300 | $30,812 | $52,250 | $97,762 | $161,535 |
Source: Ownwell
Property Tax Bills Across Cherry Valley, Cross County, Arkansas
In Cherry Valley, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. For homeowners, this means their tax bill is influenced by both the market trends and local assessment practices. In Cross County, the median home price stands at $52,250, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors are considered when calculating the tax bill, including the property's location, size, and condition. Homeowners in Cherry Valley experience a range of tax bills, with the 25th percentile paying around $143, while those in the 75th percentile pay approximately $741. For the 90th percentile, the tax bill can reach up to $1,473. Compared to the national median property tax rate of 0.99%, Cherry Valley’s property tax bills reflect local economic conditions and property values, impacting how much homeowners ultimately pay.
Average Cherry Valley Tax Bill
$359
Average Cross County Tax Bill
$467
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherry Valley, Cross County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72324 | $50 | $143 | $359 | $741 | $1,473 |
Source: Ownwell