Lewisville, Arkansas Property Taxes
The median property tax rate in Lewisville, AR is 0.84%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $27,350 in Lewisville, the typical annual property tax bill is $183, significantly less than the national median of $2,690. Property taxes in Lewisville are determined based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Grasping Lewisville's property tax system, exploring available exemptions, and pinpointing opportunities for reductions can result in notable annual savings. Whether you're located in downtown Lewisville or the surrounding areas, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Lewisville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$230
Ownwell’s Lewisville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewisville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewisville 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 Lewisville, Arkansas
Property taxes in Lewisville, Arkansas, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Lewisville is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Lewisville set these rates annually, and they can vary across different neighborhoods. Each year, Lewisville 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 Lewisville's effective property tax rate to other regions in Arkansas and the national median. For comparison, the zip code 71845 has both the highest and lowest median property tax rate of 0.84%. Understanding how these figures compare with Lewisville provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewisville Tax Rate
0.84%
Average Lafayette County Tax Rate
0.93%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewisville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71845 | 0.16% | 0.50% | 0.84% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Lewisville, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lewisville, Arkansas. 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 Lafayette County Assessor 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. Assessment notices in Lewisville 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 Lewisville is $27,350, with tax bills ranging from $62 at the 25th percentile to $943 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lewisville Assessed Value
$27,350
Average Lafayette County Assessed Value
$29,800
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewisville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71845 | $4,005 | $10,850 | $27,350 | $61,100 | $115,465 |
Source: Ownwell
Property Tax Bills Across Lewisville, Arkansas
Property tax bills in Lewisville, Lafayette County, AR, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and market conditions can influence the assessed value. In Lewisville, the median home price is $27,350, leading to varied tax bills. For instance, homeowners in the 25th percentile pay around $62, while those in the 75th percentile face bills of about $465. At the 90th percentile, tax bills can reach up to $943. The highest and lowest median tax bills in the area are both $183, found in the 71845 zip code. Compared to the national median property tax rate of 0.99%, Lewisville's property taxes are relatively low, offering some financial relief to homeowners. Understanding these calculations helps residents anticipate their tax obligations and plan their finances accordingly.
Average Lewisville Tax Bill
$183
Average Lafayette County Tax Bill
$185
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewisville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71845 | $25 | $62 | $183 | $465 | $943 |
Source: Ownwell