Elkins, Arkansas Property Taxes
The median property tax rate in Elkins, AR is 0.50%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $63,000 in Elkins, the typical annual property tax bill is $139, well below the national median of $2,690. Property taxes in Elkins are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elkins's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Elkins or another part of the city, mastering the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Elkins, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$315
Ownwell’s Elkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkins 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 Elkins, Arkansas
Property taxes in Elkins, Arkansas, are essential in funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Elkins is 0.52%, notably higher than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Elkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkins 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 Elkins's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72727 has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these rates compare with Elkins provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkins Tax Rate
0.50%
Average Franklin County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkins, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72727 | 0.17% | 0.40% | 0.50% | 0.59% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Elkins, Arkansas
In Elkins, 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 Franklin 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 Elkins, 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 Elkins 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 bills in Elkins is 72727, both at $139.
Average Elkins Assessed Value
$63,000
Average Franklin County Assessed Value
$75,300
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkins, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72727 | $12,850 | $23,500 | $63,000 | $105,250 | $114,280 |
Source: Ownwell
Property Tax Bills Across Elkins, Arkansas
In Elkins, Franklin County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The median home price in Elkins is $63,000. To determine the tax bill, local tax authorities apply the county's tax rate to the assessed value. This rate is influenced by various factors, including local budgetary needs and property values in the area. Homeowners in Elkins can expect a wide range of property tax bills. For example, the tax bill at the 25th percentile is $52, while at the 75th percentile, it rises to $423. At the 90th percentile, it reaches $529. The highest median tax bill recorded in the area is $139, which is relatively modest compared to the national median property tax rate of 0.99%. These property tax bills significantly impact homeowners, affecting their annual housing costs and potentially influencing their decisions on property investments. Understanding these calculations can help homeowners better manage their finances and plan for future expenses.
Average Elkins Tax Bill
$139
Average Franklin County Tax Bill
$476
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkins, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72727 | $26 | $52 | $139 | $423 | $529 |
Source: Ownwell