Cabot, Arkansas Property Taxes
The median property tax rate in Cabot, AR is 1.02%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Cabot at $144,375, the typical annual property tax bill reaches $1,411, which is below the national median of $2,690. Property taxes in Cabot 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 Cabot'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 Cabot 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
Cabot, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,473
$1,367
Ownwell’s Cabot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cabot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cabot 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 Cabot, Arkansas
Property taxes in Cabot, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cabot is 1.02%, higher than the U.S. national median of 0.99%. Local government entities within Cabot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cabot 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 Cabot's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72023 has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Cabot provides valuable insights into the varying tax landscape across Lonoke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cabot Tax Rate
1.02%
Average Lonoke County Tax Rate
1.01%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cabot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72023 | 0.80% | 0.92% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Cabot, Arkansas
In Cabot, 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 Lonoke 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 Cabot, 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 Cabot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cabot is $144,375, with the 25th percentile tax bill at $1,014 and the 75th percentile at $1,959. The highest and lowest median tax bill, both $1,411, are found in the 72023 zip code.
Average Cabot Assessed Value
$144,375
Average Lonoke County Assessed Value
$119,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cabot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72023 | $65,300 | $104,088 | $144,375 | $201,900 | $272,395 |
Source: Ownwell
Property Tax Bills Across Cabot, Arkansas
In Cabot, located in Lonoke County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Homeowners in Cabot can expect their tax bills to vary significantly depending on their property's assessed value and the specific tax rates set by local authorities. For instance, the median home price in Cabot is $144,375, and the median property tax bill is $1,411. This tax bill is relatively moderate compared to the national median property tax rate of 0.99%. Factors influencing the tax bill include the assessed value of the property, applicable exemptions, and the local tax rate. Homeowners in Cabot may see tax bills ranging from $1,014 at the 25th percentile to $2,605 at the 90th percentile. These variations can significantly impact homeowners' annual expenses and should be considered when budgeting for homeownership in Cabot.
Average Cabot Tax Bill
$1,411
Average Lonoke County Tax Bill
$1,186
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cabot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72023 | $626 | $1,014 | $1,411 | $1,959 | $2,605 |
Source: Ownwell