Conway, Arkansas Property Taxes
The median property tax rate in Conway, AR is 0.96%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $156,100, the typical annual property tax bill in Conway amounts to $1,449, which is below the national median of $2,690. Property taxes in Conway are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Conway'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 Conway 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
Conway, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,499
$1,391
Ownwell’s Conway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Conway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Conway 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 Conway, Arkansas
Property taxes in Conway, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Conway is 0.96%, which is slightly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Conway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Conway 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 Conway's effective property tax rate to other areas in Faulkner County and the national median. For comparison, the 72034 zip code has the highest median property tax rate of 1.01%, while the 72032 zip code has the lowest median tax rate of 0.93%. Understanding how these areas compare with Conway provides valuable insights into the varying tax landscape across Faulkner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Conway Tax Rate
0.96%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Conway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72032 | 0.71% | 0.86% | 0.93% | 0.98% | 1.01% |
| 72034 | 0.79% | 0.93% | 1.01% | 1.01% | 1.01% |
| 72035 | N/A | N/A | N/A | N/A | N/A |
| 72039 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
| 72058 | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| 72106 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Conway, Arkansas
In Conway, 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 Faulkner 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 Conway, 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 Conway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,693 in the 72034 zip code, while the lowest is $160 in the 72106 zip code.
Average Conway Assessed Value
$156,100
Average Faulkner County Assessed Value
$149,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Conway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72032 | $39,930 | $87,750 | $135,550 | $179,550 | $255,200 |
| 72034 | $83,215 | $124,700 | $178,550 | $248,612 | $343,300 |
| 72035 | N/A | N/A | N/A | N/A | N/A |
| 72039 | $96,500 | $96,500 | $96,500 | $96,500 | $96,500 |
| 72058 | $2,150 | $2,150 | $2,150 | $2,150 | $2,150 |
| 72106 | $17,250 | $17,250 | $17,250 | $17,250 | $17,250 |
Source: Ownwell
Property Tax Bills Across Conway, Arkansas
In Conway, located in Faulkner County, AR, property tax bills are determined by a combination of the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home, which in Conway is influenced by factors such as location, size, and condition of the property. For instance, with a median home price of $156,100, homeowners can expect varying tax bills based on their property's specific assessed value and the applicable tax rate. The property tax rate in Conway is reflective of the services provided by the local government, such as schools, infrastructure, and emergency services. Homeowners in this area pay property taxes that can range significantly, with the 25th percentile tax bill at $984 and the 75th percentile at $2,057. At the higher end, the 90th percentile tax bill reaches $2,954. Comparatively, the highest median tax bill in Conway is $1,693 in the 72034 zip code, while the lowest is $160 in the 72106 zip code. These figures illustrate the variability in property tax burdens across different neighborhoods within the city.
Average Conway Tax Bill
$1,449
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Conway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72032 | $352 | $744 | $1,224 | $1,652 | $2,264 |
| 72034 | $772 | $1,190 | $1,693 | $2,379 | $3,324 |
| 72035 | N/A | N/A | N/A | N/A | N/A |
| 72039 | $931 | $931 | $931 | $931 | $931 |
| 72058 | $21 | $21 | $21 | $21 | $21 |
| 72106 | $160 | $160 | $160 | $160 | $160 |
Source: Ownwell