Sedgwick, Arkansas Property Taxes
The median property tax rate in Sedgwick, Arkansas is 0.43%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.61%. With the median home value in Sedgwick being $68,000, the typical annual property tax bill amounts to $292, well below the national median of $2,690. Property taxes in Sedgwick are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sedgwick's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sedgwick 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
Sedgwick, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$225
$209
Ownwell’s SEDGWICK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SEDGWICK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SEDGWICK 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 Sedgwick, Arkansas
Property taxes in Sedgwick, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sedgwick is 0.49%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Sedgwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sedgwick 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 Sedgwick's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72465 zip code has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Sedgwick 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 Sedgwick Tax Rate
0.49%
Average Lawrence County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sedgwick, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72465 | 0.38% | 0.44% | 0.49% | 0.54% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Sedgwick, Arkansas
In Sedgwick, 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 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 Sedgwick, 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 Sedgwick 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 $242.00 in the 72465 zip code, which also has the lowest median tax bill at the same amount.
Average Sedgwick Assessed Value
$45,925
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 Sedgwick, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72465 | $9,335 | $29,870 | $45,925 | $65,785 | $101,363 |
Source: Ownwell
Property Tax Bills Across Sedgwick, Arkansas
Property tax bills in Sedgwick, located in Lawrence County, AR, are determined 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 calculate the tax bill. Various factors, such as property location, size, and condition, influence the assessed value, making it crucial for homeowners to understand these elements to anticipate their tax obligations. For example, the median home price in Sedgwick is $45,925. Property owners can expect tax bills that vary significantly within the area. The 25th percentile tax bill is around $150, while the 75th percentile reaches $332, and the 90th percentile climbs to $468. This range demonstrates how different property characteristics and valuations impact the final tax bill. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Sedgwick should stay informed about their property’s assessed value and any changes in local tax rates to manage their financial planning effectively.
Average Sedgwick Tax Bill
$242
Average Lawrence County Tax Bill
$469
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Sedgwick, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72465 | $53 | $150 | $242 | $332 | $468 |
Source: Ownwell