Bradford, Independence County, Arkansas Property Taxes
The median property tax rate in Bradford, AR is 0.54%, which is significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $41,250 in Bradford, the typical annual property tax bill is $150, far below the national median of $2,690. Property taxes in Bradford 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 Bradford's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Bradford or another part of Independence County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bradford, Independence County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$223
$207
Ownwell’s Bradford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bradford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bradford 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 Bradford, Independence County, Arkansas
Property taxes in Bradford, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bradford is 0.54%, which is significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Bradford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bradford 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 Bradford's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72020 has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Bradford provides valuable insights into the varying tax landscape across Independence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bradford Tax Rate
0.54%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bradford, Independence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72020 | 0.10% | 0.23% | 0.54% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Bradford, Independence County, Arkansas
In Bradford, 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 Independence 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 Bradford, 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 Bradford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bradford both stand at $150.00, located in the 72020 zip code.
Property Tax Assessment Values Across Bradford, Independence County, Arkansas
Source: Ownwell
$37,550
$61,275
$85,000
Average Bradford Assessed Value
$41,250
Average Independence County Assessed Value
$66,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bradford, Independence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72020 | $10,280 | $22,150 | $41,250 | $63,375 | $102,350 |
Source: Ownwell
Property Tax Bills Across Bradford, Independence County, Arkansas
In Bradford, located in Independence County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $41,250, the property tax rate is applied to the assessed value to determine the tax bill. The tax rate in Bradford is notably lower than the national median property tax rate of 0.99%, making it an attractive location for homeowners. Factors influencing the tax bill include the home's market value, local tax rates, and any applicable exemptions or reductions. Homeowners in Bradford can expect tax bills that vary significantly, with the 25th percentile at $65, the 75th percentile at $417, and the 90th percentile reaching up to $616. This variation shows how different property values and exemptions can impact the final amount owed. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Bradford Tax Bill
$150
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Bradford, Independence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72020 | $26 | $65 | $150 | $417 | $616 |
Source: Ownwell