Cave City, Arkansas Property Taxes
The median property tax rate in Cave City, AR is 0.64%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Cave City at $76,500, the typical annual property tax bill is $417, considerably below the national median of $2,690. Property taxes in Cave City are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cave City'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 Cave City or another part of Independence County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cave City, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$490
$454
Ownwell’s Cave City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cave City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cave City 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 Cave City, Arkansas
Property taxes in Cave City, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cave City is 0.64%, lower than the U.S. national median of 0.99%. Local government entities within Cave City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cave City 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 Cave City's effective property tax rate to other areas in Independence County and the national median. For comparison, the 72521 zip code has the highest median property tax rate of 0.64%, while the 72521 zip code also has the lowest median tax rate of 0.64%. Understanding how these areas compare with Cave City 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 Cave City Tax Rate
0.64%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cave City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72521 | 0.13% | 0.35% | 0.64% | 0.89% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Cave City, Arkansas
In Cave City, 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 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 Cave City, 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 Cave City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 72521 has both the highest and lowest median tax bill at $417.
Average Cave City Assessed Value
$76,500
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 Cave City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72521 | $18,985 | $36,412 | $76,500 | $129,475 | $178,200 |
Source: Ownwell
Property Tax Bills Across Cave City, Arkansas
In Cave City, located in Independence County, AR, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the market value, which is determined by local assessors. The property tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property improvements, location, and market trends can influence the assessed value. For instance, the median home price in Cave City is $76,500. Property tax bills can vary significantly, with the 25th percentile at $120 and the 75th percentile at $879. The highest tax bills, in the 90th percentile, can reach up to $1,415. These taxes are crucial for funding local services such as schools, emergency services, and infrastructure. While the national median property tax rate is 0.99%, Cave City's tax rates can lead to varying financial impacts on homeowners, underscoring the importance of understanding local tax structures.
Average Cave City Tax Bill
$417
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cave City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72521 | $49 | $120 | $417 | $879 | $1,415 |
Source: Ownwell