Sheridan, Arkansas Property Taxes
The median property tax rate in Sheridan, AR is 0.85%, slightly lower than the national median of 0.99% but just above the Arkansas state median of 0.84%. With the median home value in Sheridan at $113,050, the typical annual property tax bill is $874, which is significantly less than the national median of $2,690. Property taxes in Sheridan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Sheridan'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 Sheridan 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
Sheridan, 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 Sheridan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sheridan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sheridan 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 Sheridan, Arkansas
Property taxes in Sheridan, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan is 0.46%, significantly lower than the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Sheridan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan 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 Sheridan's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in Arkansas is 0.61%, while the lowest median tax rate is 0.33%. Understanding how these cities compare with Sheridan 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 Sheridan Tax Rate
0.85%
Average Grant County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72150 | 0.62% | 0.75% | 0.85% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan, Arkansas
In Sheridan, 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 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 Sheridan, 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. The median home price in Sheridan is $113,050, with tax bills ranging from $439 at the 25th percentile to $2,101 at the 90th percentile. The highest and lowest median tax bills are both $874 in zip code 72150. 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 Sheridan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sheridan Assessed Value
$113,050
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 Sheridan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72150 | $23,270 | $57,600 | $113,050 | $175,450 | $245,760 |
Source: Ownwell
Property Tax Bills Across Sheridan, Arkansas
In Sheridan, located in Grant County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The median home price in Sheridan is $113,050. Homeowners in this region can expect their property tax bill to vary widely. For instance, the tax bill at the 25th percentile is $439, while at the 75th percentile, it rises to $1,425. At the 90th percentile, it can reach as high as $2,101. The highest and lowest median tax bills in the area are both $874, indicating a relatively consistent tax rate within the zip code 72150. Several factors influence the final tax bill, including the home's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, the rates in Sheridan can be seen as relatively moderate. This variability in tax bills directly impacts homeowners, affecting their annual financial planning and the overall affordability of owning property in Sheridan.
Average Sheridan Tax Bill
$874
Average Grant County Tax Bill
$770
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72150 | $180 | $439 | $874 | $1,425 | $2,101 |
Source: Ownwell