Smithville, Arkansas Property Taxes
The median property tax rate in Smithville, Arkansas is 0.66%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Smithville, the typical annual property tax bill reaches $537, significantly below the national median of $2,690. Property taxes in Smithville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Smithville'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 Smithville 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
Smithville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$535
$496
Ownwell’s Smithville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville 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 Smithville, Arkansas
Property taxes in Smithville, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 0.66%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72466 zip code has the highest median property tax rate of 0.66%, while the 72466 zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Smithville 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 Smithville Tax Rate
0.66%
Average Lawrence County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | 0.43% | 0.54% | 0.66% | 0.78% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Smithville, 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 Smithville, 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 Smithville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72466 has the highest and lowest median tax bill at $537.
Average Smithville Assessed Value
$80,985
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 Smithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | $23,010 | $45,190 | $80,985 | $122,380 | $195,855 |
Source: Ownwell
Property Tax Bills Across Smithville, Arkansas
In Smithville, located in Lawrence County, AR, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For homeowners in Smithville, the median home price is $80,985. The tax rate in Smithville is applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile pay around $287, while those in the 75th percentile pay approximately $825. The tax bill can go as high as $1,231 for those in the 90th percentile. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the rates in Smithville can vary, affecting homeowners' annual financial planning. Understanding these factors is crucial for homeowners to anticipate their tax obligations and manage their budgets effectively.
Average Smithville Tax Bill
$537
Average Lawrence County Tax Bill
$469
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | $134 | $287 | $537 | $825 | $1,231 |
Source: Ownwell