Cushman, Arkansas Property Taxes
The median property tax rate in Cushman, AR is 0.73%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $37,550 in Cushman, the typical annual property tax bill is $155, significantly below the national median of $2,690. Property taxes in Cushman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Cushman'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 Cushman or another part of Independence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cushman, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Cushman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cushman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cushman 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 Cushman, Arkansas
Property taxes in Cushman, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cushman is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Cushman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cushman 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 Cushman's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72526 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Cushman 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 Cushman Tax Rate
0.73%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cushman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72526 | 0.11% | 0.18% | 0.73% | 0.97% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Cushman, Arkansas
In Cushman, 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 Cushman, 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 Cushman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in Cushman is $155, with the highest and lowest median tax bills both found in zip code 72526.
Average Cushman Assessed Value
$37,550
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 Cushman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72526 | $7,510 | $21,800 | $37,550 | $55,800 | $111,450 |
Source: Ownwell
Property Tax Bills Across Cushman, Arkansas
In Cushman, located in Independence County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the home's market value, and this assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $37,550, homeowners in Cushman can expect their property tax bills to vary significantly. Factors such as property location, local government budgets, and specific exemptions or deductions can influence the final tax amount. The tax bills in Cushman range widely, with the 25th percentile paying around $65 and the 90th percentile facing bills up to $617. This variability means that homeowners need to be aware of how their property is valued and any changes in local tax rates or assessments, as these can directly impact their annual financial obligations. Compared to the national median property tax rate of 0.99%, Cushman's rates can provide some relief to homeowners, though individual circumstances will dictate the exact amounts owed.
Average Cushman Tax Bill
$155
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cushman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72526 | $15 | $65 | $155 | $305 | $617 |
Source: Ownwell