Parkin, Arkansas Property Taxes
The median property tax rate in Parkin, AR is 0.95%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Parkin at $25,850, the typical annual property tax bill is $146, significantly below the national median of $2,690. Property taxes in Parkin are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural land. Understanding Parkin'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 Parkin or another part of Cross County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parkin, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$246
$228
Ownwell’s PARKIN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARKIN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARKIN 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 Parkin, Arkansas
Property taxes in Parkin, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkin is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Parkin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkin 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 Parkin's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72373 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Parkin 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 Parkin Tax Rate
0.95%
Average Cross County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72373 | 0.21% | 0.89% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Parkin, Arkansas
In Parkin, 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 Cross 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. In Parkin, 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. With a median home price of $25,850, the tax bill can vary significantly, from the 25th percentile at $44 to the 90th percentile at $572. Interestingly, the highest and lowest median tax bills in the area are both $146, found in the 72373 zip code. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Parkin Assessed Value
$25,850
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 Parkin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72373 | $2,550 | $9,900 | $25,850 | $47,700 | $77,800 |
Source: Ownwell
Property Tax Bills Across Parkin, Arkansas
In Parkin, AR, property tax bills are determined by the assessed value of your home and the local tax rate. The assessed value is typically a percentage of your home's market value. For instance, if the median home price is $25,850, your property tax is calculated based on this assessed value. Parkin's property tax rate might be lower than the national median rate of 0.99%, but it still significantly impacts homeowners. Various factors come into play, including the property's location, size, and any exemptions you may qualify for. In Parkin, the 25th percentile tax bill is around $44, while the 75th percentile reaches $320, and the 90th percentile can be as high as $572. These figures illustrate the range of tax burdens homeowners might face. The highest and lowest median tax bills in the area are both $146, reflecting a relatively consistent tax environment within the same zip code, 72373. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Parkin Tax Bill
$146
Average Cross County Tax Bill
$467
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72373 | $17 | $44 | $146 | $320 | $572 |
Source: Ownwell