Minturn, Arkansas Property Taxes
The median property tax rate in Minturn, Arkansas is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $37,178 in Minturn, the typical annual property tax bill amounts to $248, significantly less than the national median of $2,690. Property taxes in Minturn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Minturn'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 Minturn or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Minturn, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$286
$266
Ownwell’s Minturn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minturn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minturn 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 Minturn, Arkansas
Property taxes in Minturn, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minturn is 0.77%, lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Minturn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minturn 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 Minturn's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72445 zip code has the highest median property tax rate of 0.77%, while the 72445 zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Minturn 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 Minturn Tax Rate
0.77%
Average Lawrence County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minturn, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72445 | 0.60% | 0.70% | 0.77% | 0.82% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Minturn, Arkansas
In Minturn, 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 Lawrence 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. In Minturn, 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 Minturn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $248 in the 72445 zip code, while the lowest is also $248 in the same zip code.
Average Minturn Assessed Value
$37,178
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 Minturn, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72445 | $13,579 | $26,684 | $37,178 | $65,736 | $93,650 |
Source: Ownwell
Property Tax Bills Across Minturn, Arkansas
In Minturn, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the home's location within Lawrence County and any applicable exemptions or deductions. For homeowners in Minturn, the median home price is $37,178. Property tax bills can vary significantly, with the 25th percentile at $204 and the 75th percentile at $336. At the 90th percentile, homeowners might see a tax bill as high as $676. These figures provide a range that helps homeowners understand potential costs. Comparatively, Minturn's property tax rate is relatively low, especially when measured against the national median property tax rate of 0.99%. Understanding these factors allows homeowners to budget more effectively and plan for their financial responsibilities.
Average Minturn Tax Bill
$248
Average Lawrence County Tax Bill
$469
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Minturn, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72445 | $57 | $204 | $248 | $336 | $676 |
Source: Ownwell