Booneville, Arkansas Property Taxes
The median property tax rate in Booneville, AR is 0.96%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $66,500 in Booneville, the typical annual property tax bill amounts to $626, which is significantly lower than the national median of $2,690. Property taxes in Booneville are calculated based on the tax assessed value, often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Booneville'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 Booneville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Booneville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$638
$592
Ownwell’s Booneville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Booneville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Booneville 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 Booneville, Arkansas
Property taxes in Booneville, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Booneville is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within Booneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Booneville 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 Booneville's effective property tax rate to other areas in Logan County and the national median. For comparison, the zip code 72927 in Logan County has the same median property tax rate of 0.96%. Understanding how these cities compare with Booneville provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Booneville Tax Rate
0.96%
Average Logan County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Booneville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72927 | 0.74% | 0.92% | 0.96% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Booneville, Arkansas
In Booneville, 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 Logan County Assessor 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 Booneville, 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. The median home price in Booneville is $66,500, and understanding the distinction between these valuation concepts can help property owners better navigate their tax responsibilities. For instance, the 25th percentile tax bill is around $370, while the 75th percentile tax bill reaches $966. Booneville's highest and lowest median tax bills are both $626 in the zip code 72927. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Booneville Assessed Value
$66,500
Average Logan County Assessed Value
$67,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Booneville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72927 | $21,740 | $39,900 | $66,500 | $105,650 | $158,580 |
Source: Ownwell
Property Tax Bills Across Booneville, Arkansas
In Booneville, Logan County, AR, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. For homeowners, this means that the higher the market value of their home, the higher their property tax bill will be. The median home price in Booneville is $66,500, which serves as a baseline for calculating property taxes in the area. The tax bill is determined by applying the local tax rate to the assessed value. In Booneville, the 25th percentile of tax bills is around $370, while the 75th percentile reaches up to $966. For those at the 90th percentile, tax bills can be as high as $1,480. This range illustrates the variability based on property values and specific assessments. Homeowners in Booneville experience property tax bills that can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Booneville's rates can offer some relief, but they still require careful budgeting and planning for homeowners.
Average Booneville Tax Bill
$626
Average Logan County Tax Bill
$602
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Booneville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72927 | $205 | $370 | $626 | $966 | $1,480 |
Source: Ownwell