Rector, Arkansas Property Taxes
The median property tax rate in Rector, Arkansas is 0.74%, 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 Rector being $98,400, the typical annual property tax bill amounts to $682, significantly below the national median of $2,690. Property taxes in Rector are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rector'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 Rector 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
Rector, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$728
$676
Ownwell’s Rector Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Rector. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Rector to provide an estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Greene County, forms the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Rector, Arkansas
Property taxes in Rector, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rector is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Rector set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rector 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 Rector's effective property tax rate to other areas in Greene County and the national median. For comparison, the 72461 zip code has both the highest and lowest median property tax rate in the county at 0.74%. Understanding how these areas compare with Rector 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 Rector Tax Rate
0.74%
Average Greene County Tax Rate
0.84%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72461 | 0.58% | 0.65% | 0.74% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Rector, Arkansas
In Rector, 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 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 Rector, 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 Rector helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rector is $98,400. The median tax bill varies, with the 25th percentile at $379 and the 75th percentile at $1,282. The zip code with both the highest and lowest median tax bill is 72461, where the median tax bill is $682.
Average Rector Assessed Value
$98,400
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 Rector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72461 | $26,370 | $57,875 | $98,400 | $185,625 | $262,360 |
Source: Ownwell
Property Tax Bills Across Rector, Arkansas
In Rector, located in Greene County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value. Homeowners in Rector can expect their property tax bills to be influenced by several factors, including the assessed value, local tax rates, and any applicable exemptions. For example, the median home price in Rector is $98,400. Property tax rates in this area can vary, but the median tax bill is $682. This figure is relatively lower compared to the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $379, while those in the 75th percentile see tax bills of approximately $1,282. At the 90th percentile, property tax bills can reach up to $1,936. These property tax bills impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated and what factors are involved can help homeowners better manage their financial planning and obligations.
Average Rector Tax Bill
$682
Average Greene County Tax Bill
$820
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Rector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72461 | $186 | $379 | $682 | $1,282 | $1,936 |
Source: Ownwell