Prattsville, Arkansas Property Taxes
The median property tax rate in Prattsville, AR is 0.80%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value in Prattsville of $77,350, the typical annual property tax bill amounts to $571, which is significantly less than the national median of $2,690. Property taxes in Prattsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Prattsville'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 Prattsville or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prattsville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$619
$574
Ownwell’s Prattsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prattsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prattsville 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 Prattsville, Arkansas
Property taxes in Prattsville, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prattsville is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Prattsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prattsville 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 Prattsville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72129 has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these areas compare with Prattsville provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prattsville Tax Rate
0.80%
Average Grant County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prattsville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72129 | 0.60% | 0.70% | 0.80% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Prattsville, Arkansas
In Prattsville, 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 Grant 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. In Prattsville, 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 Prattsville 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 bill in Prattsville is 72129, with a median tax bill of $571.
Average Prattsville Assessed Value
$77,350
Average Grant County Assessed Value
$100,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prattsville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72129 | $18,300 | $42,550 | $77,350 | $147,300 | $212,050 |
Source: Ownwell
Property Tax Bills Across Prattsville, Arkansas
In Prattsville, Grant County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Prattsville can expect their property tax bills to vary significantly, with the 25th percentile paying around $325 and the 75th percentile paying up to $1,065 annually. The highest median tax bill in the area is $571, which is relatively modest compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, properties in certain zip codes may have different tax rates, and homeowners may qualify for exemptions that reduce their taxable amount. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how their property tax bill is calculated can help them budget more effectively and take advantage of any available exemptions.
Average Prattsville Tax Bill
$571
Average Grant County Tax Bill
$770
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Prattsville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72129 | $148 | $325 | $571 | $1,065 | $1,772 |
Source: Ownwell