Lonoke, Arkansas Property Taxes
The median property tax rate in Lonoke, AR is 0.97%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $86,550, the typical annual property tax bill in Lonoke is $877, which is significantly below the national median of $2,690. Property taxes in Lonoke 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 Lonoke'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 Lonoke 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
Lonoke, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$840
$779
Ownwell’s Lonoke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lonoke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lonoke 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 Lonoke, Arkansas
Property taxes in Lonoke, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lonoke is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Lonoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lonoke 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 Lonoke's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72086 zip code has the highest median property tax rate of 0.97%, while the same 72086 zip code also has the lowest median tax rate of 0.97%. Understanding how these rates compare with Lonoke 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 Lonoke Tax Rate
0.97%
Average Lonoke County Tax Rate
1.01%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lonoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72086 | 0.73% | 0.88% | 0.97% | 1.12% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Lonoke, Arkansas
In Lonoke, 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 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 Lonoke, 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 Lonoke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lonoke are both $877, found in the 72086 zip code.
Average Lonoke Assessed Value
$86,550
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 Lonoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72086 | $19,650 | $46,300 | $86,550 | $146,825 | $212,350 |
Source: Ownwell
Property Tax Bills Across Lonoke, Arkansas
In Lonoke, AR, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Lonoke is $86,550, which serves as a baseline for calculating property taxes. Homeowners in Lonoke can expect their tax bills to vary significantly based on their property's assessed value and the specific tax rate applied by the county. The tax bill's variability is evident from data showing that the 25th percentile tax bill is $483, while the 75th percentile tax bill rises to $1,456. Those at the 90th percentile may see bills as high as $2,117. The highest and lowest median tax bills in the area are both $877, indicating some level of consistency in certain neighborhoods, particularly in the 72086 zip code. Compared to the national median property tax rate of 0.99%, Lonoke's property tax rates can be more favorable, providing potential savings for homeowners. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Lonoke Tax Bill
$877
Average Lonoke County Tax Bill
$1,186
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lonoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72086 | $255 | $483 | $877 | $1,456 | $2,117 |
Source: Ownwell