Twin Groves, Arkansas Property Taxes
The median property tax rate in Twin Groves, AR is 1.00%, slightly above the national median of 0.99% and significantly higher than the Arkansas state median of 0.84%. With the median home value in Twin Groves at $52,000, the typical annual property tax bill reaches $502, which is considerably lower than the national median of $2,690. Property taxes in Twin Groves are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Twin Groves' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Twin Groves or another part of Faulkner County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twin Groves, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$520
Ownwell’s Twin Groves Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Twin Groves with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Groves 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 Twin Groves, Arkansas
Property taxes in Twin Groves, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Groves is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Twin Groves set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Groves 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 Twin Groves' effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72039 has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Twin Groves 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 Twin Groves Tax Rate
1.00%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Groves, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | 0.89% | 0.96% | 1.00% | 1.03% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Twin Groves, Arkansas
In Twin Groves, 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 Twin Groves, 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 Twin Groves helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72039 has the highest and lowest median tax bill, both at $502.
Average Twin Groves Assessed Value
$52,000
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 Twin Groves, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | $13,800 | $19,500 | $52,000 | $66,350 | $143,180 |
Source: Ownwell
Property Tax Bills Across Twin Groves, Arkansas
In Twin Groves, property tax bills are calculated based on the assessed value of a home, which is determined by the Faulkner County assessor. The assessed value is a percentage of the market value of the property. For example, if the median home price is $52,000, the assessed value would be a fraction of that amount, depending on local assessment rates. Homeowners in Twin Groves can expect their tax bills to vary significantly. The 25th percentile tax bill is about $200, while the 75th percentile tax bill is around $561. For those at the higher end, the 90th percentile tax bill can reach up to $1,395. These figures illustrate the range of property tax obligations residents might face. Compared to the national median property tax rate of 0.99%, Twin Groves presents a unique landscape for property taxes, impacting homeowners differently based on the assessed value of their properties. The highest and lowest median tax bills in the area are both $502, indicating a relatively narrow range for median tax obligations within the specified zip code, 72039.
Average Twin Groves Tax Bill
$502
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Groves, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72039 | $146 | $200 | $502 | $561 | $1,395 |
Source: Ownwell