Southside, Arkansas Property Taxes
The median property tax rate in Southside, AR is 0.74%, 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 $85,000 in Southside, the typical annual property tax bill amounts to $572, significantly below the national median of $2,690. Property taxes in Southside are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Southside'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 Southside 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
Southside, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$629
$584
Ownwell’s Southside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southside 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 Southside, Arkansas
Property taxes in Southside, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southside is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Southside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southside 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 Southside's effective property tax rate to other regions in Arkansas and the national median. For comparison, the 72501 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Southside 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 Southside Tax Rate
0.74%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southside, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72501 | 0.23% | 0.48% | 0.74% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Southside, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Southside, Arkansas. 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 Southside, 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 Southside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Southside is $572 in the 72501 zip code, which is also the lowest median tax bill, reflecting a consistent property tax landscape.
Average Southside Assessed Value
$85,000
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 Southside, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72501 | $23,890 | $49,000 | $85,000 | $127,300 | $175,650 |
Source: Ownwell
Property Tax Bills Across Southside, Arkansas
In Southside, Independence County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Southside is $85,000. Property tax rates in Southside are determined by local government entities and are applied to the assessed value to calculate the tax bill. For example, homeowners in the 25th percentile can expect a tax bill of around $245, while those in the 75th percentile might see a bill of approximately $997. The 90th percentile tax bill can reach up to $1,535. Several factors influence the tax bill, including property location, market value fluctuations, and local tax rates. This variability can significantly impact homeowners, with those in higher-valued homes or areas with higher tax rates facing larger bills. Comparing these figures to the national median property tax rate of 0.99%, Southside's property tax bills can be seen as relatively moderate, offering some financial relief to homeowners in the region.
Average Southside Tax Bill
$572
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Southside, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72501 | $76 | $245 | $572 | $997 | $1,535 |
Source: Ownwell