Floral, Arkansas Property Taxes
The median property tax rate in Floral, Arkansas is 0.64%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $52,300 in Floral, the typical annual property tax bill amounts to $247, significantly below the national median of $2,690. Property taxes in Floral 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 Floral'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 Floral or another part of Independence County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Floral, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$335
$311
Ownwell’s Floral Property Tax Bill Calculator assists homeowners, real estate investors, and prospective buyers in estimating their annual property taxes in Floral with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Floral to estimate your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Floral, Arkansas
Property taxes in Floral, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Floral is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Floral set these rates annually, and they can vary significantly across different neighborhoods. Each year, Floral 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 Floral's effective property tax rate to other areas and the national median. For comparison, the zip code 72534 has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Floral 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 Floral 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 Floral, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72534 | 0.14% | 0.26% | 0.64% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Floral, Arkansas
In Floral, 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 Floral, 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. The median home price in Floral is $52,300, with tax bills ranging from $83 at the 25th percentile to $1,007 at the 90th percentile. The highest and lowest median tax bills are both $247 in the 72534 zip code. Being aware of these valuation processes in Floral helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Floral Assessed Value
$52,300
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 Floral, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72534 | $14,765 | $28,212 | $52,300 | $89,875 | $144,420 |
Source: Ownwell
Property Tax Bills Across Floral, Arkansas
Property tax bills in Floral, located in Independence County, AR, are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is a percentage of the market value of the home. For Floral, the median home price is $52,300. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Several factors influence the final tax bill, including property location, improvements, and exemptions that homeowners may qualify for. For instance, the tax bill for the 25th percentile is $83, while the 75th percentile is $547, and the 90th percentile reaches $1007. These figures indicate a range of tax burdens that homeowners might face depending on their property’s assessed value and applicable exemptions. Compared to the national median property tax rate of 0.99%, Floral offers relatively affordable property taxes. This affordability can significantly impact homeowners by making it more financially feasible to maintain and invest in their properties.
Average Floral Tax Bill
$247
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Floral, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72534 | $47 | $83 | $247 | $547 | $1,007 |
Source: Ownwell