Altus, Arkansas Property Taxes
The median property tax rate in Altus, Arkansas is 0.74%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Altus at $68,875, the typical annual property tax bill amounts to $314, significantly below the national median of $2,690. Property taxes in Altus 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 Altus'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 Altus 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
Altus, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$510
Ownwell’s Altus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altus 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 Altus, Arkansas
Property taxes in Altus, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altus is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Altus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altus 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 Altus's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72821 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Altus provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altus Tax Rate
0.74%
Average Johnson County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72821 | 0.22% | 0.40% | 0.74% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Altus, Arkansas
In Altus, 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 Johnson 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 Altus, 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. For example, the median home price in Altus is $68,875, with tax bills ranging significantly from the 25th percentile at $160 to the 90th percentile at $1,744. 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 Altus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Altus Assessed Value
$68,875
Average Johnson County Assessed Value
$80,100
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72821 | $13,520 | $29,638 | $68,875 | $128,550 | $207,110 |
Source: Ownwell
Property Tax Bills Across Altus, Arkansas
In Altus, located in Johnson County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the home's market value. For instance, if the median home price in Altus is $68,875, the assessed value would be a fraction of this amount, depending on local assessment rates. Factors such as property improvements, neighborhood changes, and market trends influence the assessed value, which in turn affects the tax bill. Homeowners in Altus can expect their property tax bills to vary, with the 25th percentile at around $160 and the 75th percentile reaching up to $670. The highest tax bills in the area can climb to $1,744, reflecting more valuable properties or higher assessment rates. Compared to the national median property tax rate of 0.99%, Johnson County's property taxes can be relatively affordable, making it an attractive location for homeowners. Lower tax bills can ease the financial burden on residents, potentially increasing homeownership rates and contributing to the local economy.
Average Altus Tax Bill
$314
Average Johnson County Tax Bill
$542
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Altus, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72821 | $68 | $160 | $314 | $670 | $1,744 |
Source: Ownwell