Mineral Springs, Arkansas Property Taxes
The median property tax rate in Mineral Springs, AR is 0.81%, 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 Mineral Springs at $45,075, the typical annual property tax bill amounts to $385, significantly less than the national median of $2,690. Property taxes in Mineral Springs are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Mineral Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mineral Springs 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
Mineral Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$365
$339
Ownwell’s Mineral Springs Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mineral Springs with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Mineral Springs to provide an accurate property tax bill estimate. This valuable tool aids in understanding potential tax obligations. For those interested in neighborhood-specific trends, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Mineral Springs, Arkansas
Property taxes in Mineral Springs, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral Springs is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Mineral Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral Springs 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 Mineral Springs' effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71851 zip code has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with Mineral Springs provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Springs Tax Rate
0.81%
Average Howard County Tax Rate
0.84%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71851 | 0.63% | 0.77% | 0.81% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Springs, Arkansas
In Mineral Springs, 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 Howard 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. 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 Mineral Springs 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 $385, found in zip code 71851.
Average Mineral Springs Assessed Value
$45,075
Average Howard County Assessed Value
$58,900
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineral Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71851 | $7,620 | $22,100 | $45,075 | $82,612 | $126,140 |
Source: Ownwell
Property Tax Bills Across Mineral Springs, Arkansas
In Mineral Springs, located in Howard County, AR, property tax bills are calculated based on the assessed value of the home, which is typically a percentage of the market value. The median home price in Mineral Springs is $45,075, and homeowners can expect their tax bill to fall within a certain range depending on various factors. For instance, the tax bill at the 25th percentile is around $200, while at the 75th percentile, it reaches approximately $685. For those in the 90th percentile, the tax bill can go up to $1,047. Several factors influence these amounts, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Mineral Springs benefit from relatively lower tax bills. This can significantly affect homeowners by making property ownership more affordable, especially when compared to other regions with higher property tax rates.
Average Mineral Springs Tax Bill
$385
Average Howard County Tax Bill
$510
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71851 | $107 | $200 | $385 | $685 | $1,047 |
Source: Ownwell