Black Rock, Arkansas Property Taxes
The median property tax rate in Black Rock, AR is 0.57%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Black Rock at $62,150, the typical annual property tax bill is $322, well below the national median of $2,690. Property taxes in Black Rock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Black Rock'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 Black Rock 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
Black Rock, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$354
Ownwell’s Black Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Black Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Black Rock 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 Black Rock, Arkansas
Property taxes in Black Rock, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Black Rock is 0.57%, significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Black Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Black Rock 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 Black Rock's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72415 has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Black Rock provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Black Rock Tax Rate
0.57%
Average Lawrence County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Black Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72415 | 0.33% | 0.48% | 0.57% | 0.74% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Black Rock, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Black Rock, 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 Lawrence 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. Assessment notices in Black Rock 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 instance, the median home price in Black Rock is $62,150, with tax bills ranging from $192 at the 25th percentile to $985 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 Black Rock Assessed Value
$62,150
Average Lawrence County Assessed Value
$77,245
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Black Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72415 | $19,827 | $34,210 | $62,150 | $103,210 | $157,619 |
Source: Ownwell
Property Tax Bills Across Black Rock, Arkansas
In Black Rock, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Black Rock is $62,150, and property taxes are then levied on this assessed value. Factors such as property size, location, and improvements can influence the assessed value. The tax rate applied to this value determines your annual tax bill. For instance, homeowners in Black Rock can expect tax bills that vary widely. The 25th percentile tax bill is around $192, while the 75th percentile reaches $595, and the 90th percentile can go up to $985. These figures indicate significant variation based on property specifics and assessed values. Compared to the national median property tax rate of 0.99%, Black Rock's property tax bills are relatively modest. However, they still impact homeowners by contributing to local services and infrastructure. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Black Rock Tax Bill
$322
Average Lawrence County Tax Bill
$469
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Black Rock, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72415 | $110 | $192 | $322 | $595 | $985 |
Source: Ownwell