Charlotte, Arkansas Property Taxes
The median property tax rate in Charlotte, Arkansas, is 0.57%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Charlotte at $56,250, the typical annual property tax bill amounts to $288, far below the national median of $2,690. Property taxes in Charlotte are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Charlotte's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Charlotte 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
Charlotte, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$321
$298
Ownwell’s Charlotte Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Charlotte with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Charlotte 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 Charlotte, Arkansas
Property taxes in Charlotte, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Charlotte is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Charlotte set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charlotte 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 Charlotte's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72522 zip code has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Charlotte 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 Charlotte Tax Rate
0.57%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charlotte, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72522 | 0.15% | 0.28% | 0.57% | 0.94% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Charlotte, Arkansas
In Charlotte, 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 Charlotte, 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. For example, the median home price in the area is $56,250, with tax bills ranging from $78 at the 25th percentile to $1,001 at the 90th percentile. The zip code with the highest median tax bill is 72522, with a value of $288. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Charlotte Assessed Value
$56,250
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 Charlotte, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72522 | $12,850 | $28,275 | $56,250 | $96,275 | $133,550 |
Source: Ownwell
Property Tax Bills Across Charlotte, Arkansas
In Charlotte, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate, also known as the millage rate, is applied. This rate can vary depending on the specific needs of the local government and school districts. For homeowners in Charlotte, the median home price is $56,250. Property tax bills can vary significantly, with the 25th percentile tax bill at $78 and the 75th percentile at $601. The highest median tax bill in the area is $288, which is relatively low compared to the national median property tax rate of 0.99%. These property taxes fund essential services such as schools, infrastructure, and public safety, impacting the overall quality of life in the community. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate future expenses.
Average Charlotte Tax Bill
$288
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Charlotte, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72522 | $65 | $78 | $288 | $601 | $1,001 |
Source: Ownwell