Melbourne, Arkansas Property Taxes
The median property tax rate in Melbourne, Arkansas is 0.75%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Melbourne at $70,050, the typical annual property tax bill is $447, significantly below the national median of $2,690. Property taxes in Melbourne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Melbourne'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 Melbourne 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
Melbourne, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$525
$488
Ownwell’s Melbourne Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Melbourne with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Melbourne to estimate your property tax bill. This valuable tool helps you comprehend potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Melbourne, Arkansas
Property taxes in Melbourne, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Melbourne is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Melbourne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melbourne 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 Melbourne's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72556 in Izard County has the same median property tax rate of 0.75%. Understanding how these areas compare with Melbourne provides valuable insights into the varying tax landscape across Izard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Melbourne Tax Rate
0.75%
Average Izard County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Melbourne, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72556 | 0.20% | 0.46% | 0.75% | 0.92% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Melbourne, Arkansas
In Melbourne, 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 Izard 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 Melbourne, 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. The median home price in Melbourne is $70,050, with tax bills ranging from $204 at the 25th percentile to $1,466 at the 90th percentile. The zip code 72556 has both the highest and lowest median tax bill at $447. 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 Melbourne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Melbourne Assessed Value
$70,050
Average Izard County Assessed Value
$60,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Melbourne, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72556 | $18,930 | $36,050 | $70,050 | $125,950 | $186,090 |
Source: Ownwell
Property Tax Bills Across Melbourne, Arkansas
In Melbourne, located in Izard County, Arkansas, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $70,050, the tax rate is applied to a fraction of this value to determine the tax bill. Various factors influence the final amount, including the property's location and any applicable exemptions. Homeowners in Melbourne can expect a range in their tax bills, with the 25th percentile at $204 and the 75th percentile reaching $883. The top 10% of tax bills can go as high as $1,466. The highest and lowest median tax bill in the area both stand at $447, indicating a relatively consistent tax rate across different parts of the county. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Melbourne Tax Bill
$447
Average Izard County Tax Bill
$375
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Melbourne, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72556 | $68 | $204 | $447 | $883 | $1,466 |
Source: Ownwell