North Little Rock, Arkansas Property Taxes
The median property tax rate in North Little Rock, Arkansas is 0.98%, 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 North Little Rock at $118,925, the typical annual property tax bill reaches $1,137, which is below the national median of $2,690. Property taxes in North Little Rock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding North Little Rock'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 North Little Rock 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
North Little Rock, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,165
Ownwell’s North Little Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Little Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Little Rock 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 North Little Rock, Arkansas
Property taxes in North Little Rock, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Little Rock is 0.61%, lower than both the Arkansas state median of 0.64% and the U.S. national median of 0.99%. Local government entities within North Little Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Little Rock 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 North Little Rock's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72118 zip code has the highest median property tax rate of 0.61%, while the 72114 zip code has the lowest median tax rate of 0.61%. Understanding how these cities compare with North Little Rock provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average North Little Rock Tax Rate
0.98%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Little Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72113 | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| 72120 | 0.95% | 0.96% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across North Little Rock, Arkansas
In North Little Rock, 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 North Little Rock, 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. For instance, the highest median tax bill in the area is $1,937 in the 72113 zip code, while the lowest is $987 in the 72120 zip code. 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 North Little Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across North Little Rock, Arkansas
Source: Ownwell
$2,150
$129,813
$257,475
Average North Little Rock Assessed Value
$118,925
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 North Little Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72113 | $198,450 | $198,450 | $198,450 | $198,450 | $198,450 |
| 72120 | $38,070 | $63,750 | $103,950 | $133,900 | $162,850 |
Source: Ownwell
Property Tax Bills Across North Little Rock, Arkansas
In North Little Rock, property tax bills are calculated based on the assessed value of the home, which is determined as a percentage of the market value. The assessed value is then multiplied by the local tax rate. Factors such as the property's location, size, and improvements can influence the assessed value. For instance, in North Little Rock, the median home price is $118,925. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $713 and the 75th percentile reaching $1,655. The highest median tax bill in the region is $1,937, found in the zip code 72113, while the lowest is $987 in zip code 72120. These variations can impact homeowners' financial planning, as higher tax bills may require more substantial budgeting. Compared to the national median property tax rate of 0.99%, North Little Rock's property tax rates can be seen as relatively moderate, but still significant for homeowners.
Average North Little Rock Tax Bill
$1,137
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across North Little Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72113 | $1,937 | $1,937 | $1,937 | $1,937 | $1,937 |
| 72120 | $372 | $622 | $987 | $1,287 | $1,581 |
Source: Ownwell