Cherokee Village, Arkansas Property Taxes
The median property tax rate in Cherokee Village, AR is 0.81%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Cherokee Village at $93,850, the typical annual property tax bill amounts to $665, which is significantly below the national median of $2,690. Property taxes in Cherokee Village are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cherokee Village'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 Cherokee Village 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
Cherokee Village, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Cherokee Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cherokee Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherokee Village 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 Cherokee Village, Arkansas
Property taxes in Cherokee Village, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherokee Village is 0.81%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Cherokee Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherokee Village 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 Cherokee Village's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72529 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Cherokee Village provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherokee Village Tax Rate
0.81%
Average Fulton County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherokee Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72529 | 0.59% | 0.69% | 0.81% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Cherokee Village, Arkansas
In Cherokee Village, 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 local 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 Cherokee Village, 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 Cherokee Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cherokee Village are both $665, found in the 72529 zip code.
Property Tax Assessment Values Across Cherokee Village, Arkansas
Source: Ownwell
$34,825
$91,963
$149,100
Average Cherokee Village Assessed Value
$93,850
Average Fulton County Assessed Value
$68,050
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cherokee Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72529 | $10,845 | $48,950 | $93,850 | $158,725 | $210,305 |
Source: Ownwell
Property Tax Bills Across Cherokee Village, Arkansas
In Cherokee Village, located in Fulton County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners, the median home price is $93,850. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the tax bill for the 25th percentile is $314, while it rises to $1,108 at the 75th percentile, and $1,629 at the 90th percentile. The highest median tax bill in the area is $665, which is significantly lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by contributing to the overall cost of homeownership. Lower property taxes can make homeownership more affordable, whereas higher taxes may pose a financial burden. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Cherokee Village Tax Bill
$665
Average Fulton County Tax Bill
$483
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherokee Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72529 | $88 | $314 | $665 | $1,108 | $1,629 |
Source: Ownwell