London, Johnson County, Arkansas Property Taxes
The median property tax rate in London, AR is 0.78%, 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 London at $75,500, the typical annual property tax bill amounts to $472, significantly below the national median of $2,690. Property taxes in London are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding London’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 London 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
London, Johnson County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$589
$546
Ownwell’s London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in London 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 London, Johnson County, Arkansas
Property taxes in London, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in London is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within London set these rates annually, and they can vary significantly across different neighborhoods. Each year, London 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 London's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72847 has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with London 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 London Tax Rate
0.78%
Average Johnson County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across London, Johnson County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72847 | 0.27% | 0.53% | 0.78% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across London, Johnson County, Arkansas
In London, 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 London, 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 London helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72847 has the highest and lowest median tax bill at $472, compared to the national median property tax rate of 0.99%.
Property Tax Assessment Values Across London, Johnson County, Arkansas
Source: Ownwell
$45,700
$67,875
$90,050
Average London Assessed Value
$75,500
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 London, Johnson County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72847 | $16,750 | $34,725 | $75,500 | $136,350 | $228,030 |
Source: Ownwell
Property Tax Bills Across London, Johnson County, Arkansas
In London, Johnson County, AR, property tax bills are calculated based on the assessed value of your home, which is typically a fraction of the market value. For instance, with a median home price of $75,500, the assessed value is determined by local assessment rates. The tax rate is then applied to this assessed value to calculate the tax bill. Homeowners in London can expect varying tax bills depending on their property’s assessed value. The tax bill at the 25th percentile is $222, while it climbs to $1,048 at the 75th percentile and $1,628 at the 90th percentile. These figures illustrate the range of property tax burdens across different home values in the area. Compared to the national median property tax rate of 0.99%, London’s property tax rates can be relatively lower or higher, affecting homeowners' annual financial obligations. Understanding these factors is crucial for homeowners to budget effectively and anticipate their property tax responsibilities.
Average London Tax Bill
$472
Average Johnson County Tax Bill
$542
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across London, Johnson County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72847 | $88 | $222 | $472 | $1,048 | $1,628 |
Source: Ownwell