Traskwood, Grant County, Arkansas Property Taxes
The median property tax rate in Traskwood, AR is 0.94%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $109,700 in Traskwood, the typical annual property tax bill amounts to $921, which is significantly lower than the national median of $2,690. Property taxes in Traskwood are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Traskwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're settled in the heart of Traskwood 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
Traskwood, Grant County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,031
$957
Ownwell’s Traskwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Traskwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Traskwood 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 Traskwood, Grant County, Arkansas
Property taxes in Traskwood, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Traskwood is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Traskwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Traskwood 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 Traskwood's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72167 has both the highest and lowest median property tax rate of 0.94%, illustrating the uniformity of tax rates within Grant County. Understanding how these areas compare with Traskwood 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 Traskwood Tax Rate
0.94%
Average Grant County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Traskwood, Grant County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | 0.71% | 0.86% | 0.94% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Traskwood, Grant County, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Traskwood, Arkansas. 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 Traskwood, 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. Awareness of these valuation processes in Traskwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $921, found in zip code 72167.
Property Tax Assessment Values Across Traskwood, Grant County, Arkansas
Source: Ownwell
$42,150
$92,975
$143,800
Average Traskwood Assessed Value
$109,700
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 Traskwood, Grant County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | $45,040 | $77,100 | $109,700 | $161,400 | $185,630 |
Source: Ownwell
Property Tax Bills Across Traskwood, Grant County, Arkansas
In Traskwood, located in Grant County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Traskwood is $109,700. Homeowners can expect their property tax bill to vary significantly depending on several factors, including the specific assessed value of their property and the local tax rate. Property tax bills in Traskwood range widely. The tax bill at the 25th percentile is $691, while at the 75th percentile, it rises to $1481, and at the 90th percentile, it can reach up to $1994. The median tax bill in the highest and lowest zip code, 72167, is $921. These taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their property tax bill is determined can help in budgeting and financial planning, ensuring they are prepared for these annual expenses. Compared to the national median property tax rate of 0.99%, Traskwood's rates reflect the local economic conditions and funding needs.
Average Traskwood Tax Bill
$921
Average Grant County Tax Bill
$770
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Traskwood, Grant County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | $351 | $691 | $921 | $1,481 | $1,994 |
Source: Ownwell