Lavaca, Arkansas Property Taxes
The median property tax rate in Lavaca, Arkansas is 0.64%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $83,475 in Lavaca, the typical annual property tax bill amounts to $361, far below the national median of $2,690. Property taxes in Lavaca 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 Lavaca'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 Lavaca 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
Lavaca, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$534
$496
Ownwell’s Lavaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lavaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lavaca 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 Lavaca, Arkansas
Property taxes in Lavaca, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lavaca is 0.43%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Lavaca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lavaca 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 Lavaca's effective property tax rate to other counties in Arkansas and the national median. For comparison, 72941 has the highest median property tax rate of 0.64%, while 72941 also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Lavaca 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 Lavaca Tax Rate
0.64%
Average Franklin County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lavaca, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72941 | 0.40% | 0.49% | 0.64% | 0.79% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Lavaca, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lavaca, Arkansas. 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 Lavaca, 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 Lavaca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72941, with a median tax bill of $361.
Average Lavaca Assessed Value
$83,475
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 Lavaca, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72941 | $37,895 | $54,988 | $83,475 | $111,962 | $129,055 |
Source: Ownwell
Property Tax Bills Across Lavaca, Arkansas
In Lavaca, located in Franklin County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $83,475, the assessed value is determined, and the applicable tax rate is applied to this value. Factors such as property location, home improvements, and local tax rates influence the final tax bill. Homeowners in Lavaca can expect a tax bill that varies within a certain range. At the 25th percentile, the tax bill is around $305, while at the 75th percentile, it rises to $418. For those at the 90th percentile, the tax bill can go up to $451. Comparatively, these figures are below the national median property tax rate of 0.99%, making Lavaca an attractive area for homeowners looking for lower property tax burdens. The highest and lowest median tax bills in the city both stand at $361, indicating a relatively stable tax environment.
Average Lavaca Tax Bill
$361
Average Franklin County Tax Bill
$476
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lavaca, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72941 | $271 | $305 | $361 | $418 | $451 |
Source: Ownwell