Bono, Arkansas Property Taxes
The median property tax rate in Bono, AR is 0.78%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Bono at $70,425, the typical annual property tax bill amounts to $525, well below the national median of $2,690. Property taxes in Bono 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 Bono'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 Bono 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
Bono, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$549
$510
Ownwell’s Bono Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bono with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bono 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 Bono, Arkansas
Property taxes in Bono, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bono is 0.78%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Bono set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bono 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 Bono's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 72416 zip code has the highest median property tax rate of 0.78%, while the 72416 zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with Bono provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bono Tax Rate
0.78%
Average Greene County Tax Rate
0.84%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bono, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | 0.58% | 0.69% | 0.78% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Bono, Arkansas
In Bono, 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 Greene County Assessor's Office 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 Bono, 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 Bono helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bono Assessed Value
$70,425
Average Greene County Assessed Value
$101,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bono, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | $11,540 | $33,012 | $70,425 | $113,412 | $223,110 |
Source: Ownwell
Property Tax Bills Across Bono, Arkansas
In Bono, located in Greene County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $70,425, the property tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $243 annually, while those in the 75th percentile might see bills closer to $864. At the higher end, the 90th percentile tax bill reaches about $1,898. Several factors influence these variations, including the home's location within the county, property improvements, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Bono's rates may seem more favorable, potentially easing the financial burden on homeowners. Understanding these factors can help homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Bono Tax Bill
$525
Average Greene County Tax Bill
$820
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Bono, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | $98 | $243 | $525 | $864 | $1,898 |
Source: Ownwell