Forrest City, Arkansas Property Taxes
The median property tax rate in Forrest City, AR is 0.67%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Forrest City at $92,125, the typical annual property tax bill is around $561, significantly below the national median of $2,690. Property taxes in Forrest City are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Forrest City'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 Forrest City 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
Forrest City, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$617
$573
Ownwell’s Forrest City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forrest City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forrest City 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 Forrest City, Arkansas
Property taxes in Forrest City, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forrest City is 0.67%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Forrest City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forrest City 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 Forrest City's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72335 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Forrest City provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forrest City Tax Rate
0.67%
Average Lee County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forrest City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72335 | 0.62% | 0.67% | 0.67% | 0.67% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Forrest City, Arkansas
In Forrest City, 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 Lee 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 Forrest City, 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 Forrest City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Forrest City are both $561, found in the 72335 zip code.
Average Forrest City Assessed Value
$92,125
Average Lee County Assessed Value
$41,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forrest City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72335 | $35,035 | $38,388 | $92,125 | $130,788 | $274,840 |
Source: Ownwell
Property Tax Bills Across Forrest City, Arkansas
Property tax bills in Forrest City, located in Lee County, AR, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, property size, and market conditions. In Forrest City, the median home price is $92,125, which serves as a baseline for calculating property taxes. Homeowners can expect their tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $259, while those at the 75th percentile can go up to $882. At the 90th percentile, tax bills can reach as high as $1,818. The median tax bill in the area is $561, which is relatively low compared to the national median property tax rate of 0.99%. These tax bills play a crucial role in funding local services such as schools, public safety, and infrastructure, directly affecting the quality of life for homeowners in Forrest City.
Average Forrest City Tax Bill
$561
Average Lee County Tax Bill
$285
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Forrest City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72335 | $245 | $259 | $561 | $882 | $1,818 |
Source: Ownwell