Sheridan, Jefferson County, Arkansas Property Taxes
The median property tax rate in Sheridan, Arkansas, is 0.62%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $71,775 in Sheridan, the typical annual property tax bill is $384, far below the national median of $2,690. Property taxes in Sheridan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sheridan'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 Sheridan 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
Sheridan, Jefferson County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$445
$413
Ownwell’s Sheridan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sheridan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sheridan 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 Sheridan, Jefferson County, Arkansas
Property taxes in Sheridan, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sheridan is 0.62%, which is lower than both Arkansas's state median and the U.S. national median of 0.99%. Local government entities within Sheridan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sheridan 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 Sheridan's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72150 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Sheridan provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sheridan Tax Rate
0.62%
Average Jefferson County Tax Rate
0.73%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sheridan, Jefferson County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72150 | 0.22% | 0.40% | 0.62% | 0.78% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Sheridan, Jefferson County, Arkansas
In Sheridan, 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 Jefferson 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 Sheridan, 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 Sheridan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 72150, with a median tax bill of $384.
Property Tax Assessment Values Across Sheridan, Jefferson County, Arkansas
Source: Ownwell
$32,800
$103,525
$174,250
Average Sheridan Assessed Value
$71,775
Average Jefferson County Assessed Value
$69,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sheridan, Jefferson County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72150 | $25,900 | $44,738 | $71,775 | $142,875 | $201,150 |
Source: Ownwell
Property Tax Bills Across Sheridan, Jefferson County, Arkansas
In Sheridan, Jefferson County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $71,775, the property tax rate is applied to the assessed value to determine the tax bill. Homeowners in Sheridan can expect a tax bill ranging from $258 at the 25th percentile to $887 at the 75th percentile, with the 90th percentile reaching up to $1,853. Several factors influence the final tax bill, including the property's location within specific zip codes, local tax rates, and any applicable exemptions or deductions. For example, the highest and lowest median tax bill in Sheridan is $384, found in the 72150 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Sheridan experience relatively lower property taxes, which can significantly affect their annual financial planning and overall cost of homeownership.
Average Sheridan Tax Bill
$384
Average Jefferson County Tax Bill
$457
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Sheridan, Jefferson County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72150 | $104 | $258 | $384 | $887 | $1,853 |
Source: Ownwell