Cord, Arkansas Property Taxes
The median property tax rate in CORD, AR is 0.76%, 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 CORD at $63,425, the typical annual property tax bill amounts to $408, considerably less than the national median of $2,690. Property taxes in CORD 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 CORD'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 CORD 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
Cord, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$482
$447
Ownwell’s CORD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CORD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CORD 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 Cord, Arkansas
Property taxes in Cord, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cord is 0.76%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Cord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cord 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 Cord's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72524 zip code has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Cord 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 Cord Tax Rate
0.76%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cord, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72524 | 0.18% | 0.43% | 0.76% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Cord, Arkansas
In Cord, 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 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 Cord, 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 instance, the median home price in Cord is $63,425, with tax bills ranging from $151 at the 25th percentile to $1,488 at the 90th percentile. The highest and lowest median tax bill in the area is $408, found in the zip code 72524. 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 Cord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cord Assessed Value
$63,425
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 Cord, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72524 | $17,750 | $32,588 | $63,425 | $105,438 | $190,675 |
Source: Ownwell
Property Tax Bills Across Cord, Arkansas
In Cord, 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. The assessed value is then multiplied by the local tax rate to determine the final tax bill. For instance, with a median home price of $63,425, the tax bill ranges significantly, from the 25th percentile at $151 to the 90th percentile at $1,488. This variation is influenced by factors such as property location, home improvements, and local tax rates. Homeowners in Cord should be aware that their tax bills can fluctuate within this range, impacting their annual budget. The highest and lowest median tax bills in the area are both reported at $408, which reflects the specific zip code of 72524. Compared to the national median property tax rate of 0.99%, Cord's property taxes can be more affordable, making it an attractive option for homeowners seeking lower property tax burdens. Understanding these factors helps homeowners plan and manage their finances effectively.
Average Cord Tax Bill
$408
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cord, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72524 | $65 | $151 | $408 | $701 | $1,488 |
Source: Ownwell