Sparkman, Arkansas Property Taxes
The median property tax rate in Sparkman, Arkansas is 1.08%, higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value in Sparkman, the typical annual property tax bill reaches $324, which is significantly lower than the national median of $2,690. Property taxes in Sparkman are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Sparkman'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 Sparkman 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
Sparkman, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$322
$299
Ownwell’s Sparkman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparkman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparkman 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 Sparkman, Arkansas
Property taxes in Sparkman, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparkman is 0.54%, lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Sparkman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparkman 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 Sparkman's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71763 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Sparkman 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 Sparkman Tax Rate
1.08%
Average Dallas County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparkman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | 0.99% | 1.08% | 1.08% | 1.08% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Sparkman, Arkansas
In Sparkman, 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 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 Sparkman, 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 example, the highest median tax bill in Sparkman is $324.00 in the 71763 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sparkman Assessed Value
$29,850
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 Sparkman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | $7,520 | $15,550 | $29,850 | $52,850 | $83,850 |
Source: Ownwell
Property Tax Bills Across Sparkman, Arkansas
In Sparkman, Dallas County, AR, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The local tax rate, also known as the millage rate, is then applied to the assessed value to calculate the tax bill. Factors influencing the tax bill include property size, location, and improvements made to the property. Homeowners in Sparkman can expect varying tax bills. For example, the 25th percentile tax bill is around $170, while the 75th percentile reaches $553, and the 90th percentile goes up to $873. The highest median tax bill in the area is $324, which aligns with the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Sparkman Tax Bill
$324
Average Dallas County Tax Bill
$345
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparkman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | $84 | $170 | $324 | $553 | $873 |
Source: Ownwell