Mammoth Spring, Arkansas Property Taxes
The median property tax rate in Mammoth Spring, AR is 0.75%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $65,250 in Mammoth Spring, the typical annual property tax bill amounts to $473, significantly less than the national median of $2,690. Property taxes in Mammoth Spring are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Mammoth Spring'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 Mammoth Spring or another part of Fulton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mammoth Spring, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$489
Ownwell’s Mammoth Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mammoth Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mammoth Spring 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 Mammoth Spring, Arkansas
Property taxes in Mammoth Spring, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mammoth Spring is 0.75%, which is below the U.S. national median of 0.99%. Local government entities within Mammoth Spring set these rates annually, and they can vary across different neighborhoods. Each year, Mammoth Spring 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 Mammoth Spring's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72554 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Mammoth Spring 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 Mammoth Spring Tax Rate
0.75%
Average Fulton County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mammoth Spring, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72554 | 0.52% | 0.65% | 0.75% | 0.82% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Mammoth Spring, Arkansas
In Mammoth Spring, 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 Mammoth Spring, 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 Mammoth Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Mammoth Spring, the median home price is $65,250. The median tax bill for the 25th percentile is $276, while the 75th percentile is $761. The highest median tax bill is $473 in zip code 72554, which is also the lowest median tax bill.
Average Mammoth Spring Assessed Value
$65,250
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 Mammoth Spring, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72554 | $18,610 | $38,150 | $65,250 | $104,200 | $166,430 |
Source: Ownwell
Property Tax Bills Across Mammoth Spring, Arkansas
In Mammoth Spring, located in Fulton County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Mammoth Spring can expect their property tax bills to vary widely, with the 25th percentile paying around $276 and the 75th percentile paying up to $761. At the higher end, the 90th percentile sees tax bills reaching $1,164. Several factors influence these tax bills, including the property's assessed value, local tax rates, and applicable exemptions. The highest median tax bill in the area is $473, which is notably lower than the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable for residents. Understanding these factors can help homeowners in Mammoth Spring anticipate their property tax responsibilities and manage their finances more effectively.
Average Mammoth Spring Tax Bill
$473
Average Fulton County Tax Bill
$483
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mammoth Spring, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72554 | $145 | $276 | $473 | $761 | $1,164 |
Source: Ownwell