Swifton, Arkansas Property Taxes
The median property tax rate in Swifton, AR is 0.53%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Swifton at $71,425, the typical annual property tax bill amounts to $376, well below the national median of $2,690. Property taxes in Swifton 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 Swifton'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 Swifton or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Swifton, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$379
$351
Ownwell’s Swifton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swifton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swifton 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 Swifton, Arkansas
Property taxes in Swifton, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swifton is 0.53%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Swifton set these rates annually, and they can vary across different neighborhoods. Each year, Swifton 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 Swifton's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72471 zip code has the highest median property tax rate of 0.53%, while the same 72471 zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Swifton 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 Swifton Tax Rate
0.53%
Average Lawrence County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swifton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72471 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Swifton, Arkansas
In Swifton, 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 Swifton, 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 Swifton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Swifton are both $376, with the zip code 72471.
Average Swifton Assessed Value
$71,425
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 Swifton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72471 | $71,425 | $71,425 | $71,425 | $71,425 | $71,425 |
Source: Ownwell
Property Tax Bills Across Swifton, Arkansas
In Swifton, Lawrence County, AR, property tax bills are calculated based on the assessed value of a home, which is a fraction of its market value. The assessment ratio in Arkansas is typically 20% of the market value. For example, a median home priced at $71,425 would have an assessed value of approximately $14,285. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, improvements, and any applicable exemptions. In Swifton, the median property tax bill is $376, which is significantly lower than the national median property tax rate of 0.99%. This lower tax rate can be beneficial for homeowners, making it more affordable to maintain property ownership in the area. However, it's important for homeowners to stay informed about any changes in local tax rates or property values that could affect their annual tax obligations.
Average Swifton Tax Bill
$376
Average Lawrence County Tax Bill
$469
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Swifton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72471 | $376 | $376 | $376 | $376 | $376 |
Source: Ownwell