Ivan, Arkansas Property Taxes
The median property tax rate in Ivan, AR is 0.94%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $38,125 in Ivan, the typical annual property tax bill amounts to $373, which is significantly lower than the national median of $2,690. Property taxes in Ivan 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 Ivan'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 Ivan or another part of Dallas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ivan, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$358
$333
Ownwell’s IVAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IVAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IVAN 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 Ivan, Arkansas
Property taxes in Ivan, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ivan is 0.54%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Ivan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ivan 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 Ivan's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in 05039 is 0.54%, while the lowest median tax rate is also 0.54%. Understanding how these cities compare with Ivan provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ivan Tax Rate
0.94%
Average Dallas County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ivan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71748 | 0.89% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Ivan, Arkansas
In IVAN, 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 Dallas 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 IVAN, 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 IVAN helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in IVAN is $373.00 in the 71748 zip code, which also has the lowest median tax bill, highlighting the consistency in property tax assessments within the area.
Average Ivan Assessed Value
$38,125
Average Dallas County Assessed Value
$34,750
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ivan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71748 | $6,840 | $20,775 | $38,125 | $78,950 | $100,545 |
Source: Ownwell
Property Tax Bills Across Ivan, Arkansas
In Ivan, Dallas County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Ivan is $38,125. Property taxes are determined by multiplying the assessed value by the local tax rate. Homeowners in Ivan can expect to pay a median tax bill of $373, which is significantly lower than the national median property tax rate of 0.99%. The tax bill can range widely depending on various factors, including the specific assessed value of the property and applicable exemptions. For instance, the 25th percentile tax bill is $213, while the 75th percentile tax bill is $738, and the 90th percentile tax bill can go up to $890. These variations show how different factors like property size, location, and available exemptions impact the final tax amount. Lower property taxes can make homeownership more affordable, but they also mean fewer resources for local services funded by these taxes.
Average Ivan Tax Bill
$373
Average Dallas County Tax Bill
$345
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ivan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71748 | $71 | $213 | $373 | $738 | $890 |
Source: Ownwell