Newark, Arkansas Property Taxes
The median property tax rate in Newark, Arkansas is 0.69%, 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 $53,500 in Newark, the typical annual property tax bill amounts to $321, significantly less than the national median of $2,690. Property taxes in Newark are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Newark's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in the heart of Newark or another part of the city, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Newark, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$369
$343
Ownwell’s Newark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newark 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 Newark, Arkansas
Property taxes in Newark, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newark is 0.69%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Newark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newark 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 Newark's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72562 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Newark 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 Newark Tax Rate
0.69%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72562 | 0.13% | 0.33% | 0.69% | 0.94% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Newark, Arkansas
In Newark, 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 Newark, 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 Newark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Newark is $321 in zip code 72562, while the lowest is also $321 in the same zip code.
Average Newark Assessed Value
$53,500
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 Newark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72562 | $16,500 | $29,775 | $53,500 | $91,738 | $148,305 |
Source: Ownwell
Property Tax Bills Across Newark, Arkansas
In Newark, Independence County, AR, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Newark face a median property tax rate that is significantly lower than the national median of 0.99%. For instance, the 25th percentile tax bill stands at $126, while the 75th percentile reaches $655, and the 90th percentile can go up to $1130. The highest median tax bill in the area is $321, which is also the lowest, indicating a consistent tax rate within the specified zip code. Several factors influence the final tax bill, including property improvements, neighborhood developments, and local tax levies. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as they directly impact the affordability and financial planning associated with owning property in Newark.
Average Newark Tax Bill
$321
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Newark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72562 | $59 | $126 | $321 | $655 | $1,130 |
Source: Ownwell