Newport, Arkansas Property Taxes
The median property tax rate in Newport, Arkansas is 0.90%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $48,300 in Newport, the typical annual property tax bill amounts to $352, significantly lower than the national median of $2,690. Property taxes in Newport are calculated based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Newport'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 Newport 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
Newport, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$435
$403
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, Arkansas
Property taxes in Newport, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.90%, slightly lower than the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72112 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Newport provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.90%
Average Jackson County Tax Rate
0.90%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72112 | 0.24% | 0.49% | 0.90% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Newport, Arkansas
In Newport, 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 Jackson 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 Newport, 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. Newport's median home price is $48,300, with tax bills ranging from $179 at the 25th percentile to $1,161 at the 90th percentile. The highest and lowest median tax bills, both $352, are found in the 72112 zip code. Being aware of these valuation processes in Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newport Assessed Value
$48,300
Average Jackson County Assessed Value
$45,225
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72112 | $13,950 | $26,225 | $48,300 | $85,625 | $138,050 |
Source: Ownwell
Property Tax Bills Across Newport, Arkansas
In Newport, property tax bills are calculated based on the assessed value of a home, which is determined by the Jackson County Assessor's office. The assessed value is a percentage of the home's market value, which is then multiplied by the local tax rate to determine the tax bill. For Newport, the median home price is $48,300. Homeowners in the 25th percentile can expect a tax bill around $179, while those in the 75th percentile see bills closer to $656. At the 90th percentile, tax bills can reach up to $1,161. The highest and lowest median tax bills in Newport are both $352, indicating a relatively narrow range in tax burdens within the area. Compared to the national median property tax rate of 0.99%, Newport's tax rates reflect the local economic conditions and housing market. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Newport Tax Bill
$352
Average Jackson County Tax Bill
$308
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72112 | $80 | $179 | $352 | $656 | $1,161 |
Source: Ownwell