Royal, Arkansas Property Taxes
The median property tax rate in Royal, Arkansas is 0.57%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Royal at $144,650, the typical annual property tax bill is $809, well below the national median of $2,690. Property taxes in Royal 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 Royal'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 Royal 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
Royal, 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 Royal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Royal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Royal 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 Royal, Arkansas
Property taxes in Royal, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Royal is 0.57%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Royal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Royal 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 Royal's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 71968 has the highest median property tax rate of 0.57%, while the same zip code also holds the lowest median tax rate of 0.57%. Understanding how these figures compare with Royal provides valuable insights into the varying tax landscape across Garland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Royal Tax Rate
0.57%
Average Garland County Tax Rate
0.59%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Royal, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71968 | 0.18% | 0.38% | 0.57% | 0.72% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Royal, Arkansas
In Royal, 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 Garland County Assessor 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. 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 Royal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Royal is $144,650, with the highest and lowest median tax bills both being $809 in the 71968 zip code.
Average Royal Assessed Value
$144,650
Average Garland County Assessed Value
$162,300
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Royal, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71968 | $33,650 | $68,550 | $144,650 | $259,550 | $405,100 |
Source: Ownwell
Property Tax Bills Across Royal, Arkansas
In Royal, Garland County, AR, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the home's market value, which in this area has a median of $144,650. Once the assessed value is determined, the local tax rate is applied to calculate the tax bill. For homeowners in Royal, property tax bills can vary significantly. At the 25th percentile, the tax bill is around $335, while at the 75th percentile, it reaches approximately $1,539. For those in the 90th percentile, the tax bill can be as high as $2,645. These amounts can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Royal’s property taxes reflect the local economic conditions and property values, ensuring that tax burdens are distributed in a manner that aligns with the community’s standards and needs.
Average Royal Tax Bill
$809
Average Garland County Tax Bill
$863
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Royal, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71968 | $130 | $335 | $809 | $1,539 | $2,645 |
Source: Ownwell