El Paso, Arkansas Property Taxes
The median property tax rate in El Paso, Arkansas, is 0.96%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $173,500, the typical annual property tax bill in El Paso reaches $1,673, which is below the national median of $2,690. Property taxes in El Paso are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding El Paso'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 El Paso or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
El Paso, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,666
$1,546
Ownwell’s El Paso Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to easily estimate their annual property taxes in El Paso with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in El Paso 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 El Paso, Arkansas
Property taxes in El Paso, Arkansas, are essential for funding key local services, including public schools, road maintenance, and emergency services. The median tax rate in El Paso is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within El Paso set these rates annually, and they can vary significantly across different neighborhoods. Each year, El Paso 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 El Paso's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72045 has both the highest and lowest median property tax rate of 0.96%, mirroring El Paso's rate. Understanding how these areas compare with El Paso 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 El Paso 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 El Paso, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72045 | 0.90% | 0.92% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across El Paso, Arkansas
In El Paso, 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 El Paso, 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 El Paso helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72045 has the highest and lowest median tax bill, both at $1,673.
Average El Paso Assessed Value
$173,500
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 El Paso, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72045 | $146,390 | $157,450 | $173,500 | $207,050 | $239,730 |
Source: Ownwell
Property Tax Bills Across El Paso, Arkansas
In El Paso, Faulkner County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For a median home price of $173,500, this assessed value forms the basis for the tax bill. Various factors, such as property location, size, and improvements, influence this assessed value. Tax rates, determined by local taxing authorities, are then applied to the assessed value. These rates fund essential services like schools, public safety, and infrastructure. In Faulkner County, the tax bill can range significantly, with the 25th percentile at $1,455 and the 75th percentile at $1,994. The highest median tax bill in the area is $1,673. Homeowners in El Paso can find their property tax bills affecting their overall housing costs, potentially impacting their financial planning and long-term investment in their property. Compared to the national median property tax rate of 0.99%, Faulkner County's rates can vary, offering a unique financial landscape for residents.
Average El Paso Tax Bill
$1,673
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across El Paso, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72045 | $1,389 | $1,455 | $1,673 | $1,994 | $2,240 |
Source: Ownwell