Salado, Arkansas Property Taxes
The median property tax rate in Salado, Arkansas is 0.35%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Salado, the typical annual property tax bill reaches $210, significantly less than the national median of $2,690. Property taxes in Salado are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Salado'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 Salado 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
Salado, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$207
Ownwell’s Salado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salado 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 Salado, Arkansas
Property taxes in Salado, Arkansas, play a crucial role in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Salado is 0.35%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Salado set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salado 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 Salado's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in Independence County is found in the 72501 zip code with a rate of 0.50%, while the lowest median tax rate is in the 72503 zip code at 0.25%. Understanding how these cities compare with Salado 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 Salado Tax Rate
0.35%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salado, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72575 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Salado, Arkansas
In Salado, 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 Salado, 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. For instance, in Salado, the median home price is $59,250, and the median property tax bill is $210. The zip code with both the highest and lowest median tax bills is 72575, each at $210. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Salado Assessed Value
$59,250
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 Salado, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72575 | $59,250 | $59,250 | $59,250 | $59,250 | $59,250 |
Source: Ownwell
Property Tax Bills Across Salado, Arkansas
In Salado, Independence County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property size, location, and improvements can influence the market value and, consequently, the assessed value. Homeowners in Salado face a median property tax bill of $210, regardless of the percentile, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable and appealing in this region. However, it is crucial for homeowners to stay informed about their property's assessed value and any changes in local tax rates, as these directly impact their annual tax obligations. Understanding these factors can help homeowners better anticipate their tax bills and manage their finances accordingly.
Average Salado Tax Bill
$210
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Salado, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72575 | $210 | $210 | $210 | $210 | $210 |
Source: Ownwell