Portia, Arkansas Property Taxes
The median property tax rate in Portia, AR is 0.50%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $67,470 in Portia, the typical annual property tax bill amounts to $323, which is well below the national median of $2,690. Property taxes in Portia are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Portia'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 Portia or another part of Lawrence County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Portia, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Portia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portia 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 Portia, Arkansas
Property taxes in Portia, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portia is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within Portia set these rates annually, and they can vary across different neighborhoods. Each year, Portia 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 Portia's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72457 has the highest median property tax rate of 0.50%, while the same zip code, 72457, also has the lowest median tax rate of 0.50%. Understanding how these areas compare with Portia 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 Portia Tax Rate
0.50%
Average Lawrence County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portia, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72457 | 0.38% | 0.46% | 0.50% | 0.54% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Portia, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Portia, 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. In Portia, 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 instance, the median home price in Portia is $67,470, with tax bills ranging from $240 at the 25th percentile to $646 at the 90th percentile. The zip code 72457 has the highest and lowest median tax bill, both at $323. 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 Portia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Portia Assessed Value
$67,470
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 Portia, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72457 | $15,874 | $43,920 | $67,470 | $87,700 | $118,666 |
Source: Ownwell
Property Tax Bills Across Portia, Arkansas
In Portia, located in Lawrence County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. For homeowners in Portia, the median home price is $67,470. Property taxes are then calculated by applying the local tax rate to the assessed value. Several factors influence the tax bill, including property size, location, and improvements made to the property. Homeowners in Portia can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is around $240, while the 75th percentile reaches approximately $420. The top 10% of tax bills can go up to $646. These property taxes fund local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Portia's rates are relatively modest, offering some financial relief to homeowners while ensuring essential community services are maintained.
Average Portia Tax Bill
$323
Average Lawrence County Tax Bill
$469
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Portia, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72457 | $112 | $240 | $323 | $420 | $646 |
Source: Ownwell