Sherwood, Arkansas Property Taxes
The median property tax rate in Sherwood, AR is 0.90%, which is slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value in Sherwood of $143,750, the typical annual property tax bill amounts to $1,245, which is significantly lower than the national median of $2,690. Property taxes in Sherwood are based on the tax assessed value, often less than the market value due to exemptions like those for primary residences and agricultural land. Understanding Sherwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sherwood or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sherwood, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,294
$1,201
Ownwell’s Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherwood 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 Sherwood, Arkansas
Property taxes in Sherwood, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other regions and the national median. For comparison, the ZIP code 72120 has both the highest and lowest median property tax rate of 0.90%, highlighting the uniformity within the area. Understanding how these figures compare with Sherwood 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 Sherwood Tax Rate
0.90%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72120 | 0.65% | 0.78% | 0.90% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Arkansas
In Sherwood, 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 Sherwood, 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Sherwood is 72120, with a median tax bill of $1245.
Average Sherwood Assessed Value
$143,750
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 Sherwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72120 | $29,400 | $63,762 | $143,750 | $238,300 | $320,150 |
Source: Ownwell
Property Tax Bills Across Sherwood, Arkansas
In Sherwood, located in Faulkner County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Various factors influence this tax bill, including the property's location, size, and any applicable exemptions. For homeowners in Sherwood, the median home price is $143,750, resulting in a range of tax bills. At the 25th percentile, property tax bills are around $538, while at the 75th percentile, they can rise to $2,053. The top 10% of tax bills even reach up to $2,797. Comparatively, the highest median tax bill in the area is $1,245, which aligns with the national median property tax rate of 0.99%. These taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services.
Average Sherwood Tax Bill
$1,245
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72120 | $251 | $538 | $1,245 | $2,053 | $2,797 |
Source: Ownwell