Scott, Arkansas Property Taxes
The median property tax rate in Scott, AR is 0.94%, slightly below the national median of 0.99% yet higher than the Arkansas state median of 0.84%. With a median home value of $67,400 in Scott, the typical annual property tax bill amounts to $641, which is significantly lower than the national median of $2,690. Property taxes in Scott are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Scott'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 Scott 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
Scott, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$634
Ownwell’s Scott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scott 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 Scott, Arkansas
Property taxes in Scott, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scott is 0.53%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Scott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scott 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 Scott's effective property tax rate to other counties in Arkansas and the national median. For comparison, 72142 has the highest median property tax rate of 0.53%, while 72142 also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Scott provides valuable insights into the varying tax landscape across Pulaski, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scott Tax Rate
0.94%
Average Lonoke County Tax Rate
1.01%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72142 | 0.70% | 0.81% | 0.94% | 1.03% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Scott, Arkansas
In Scott, 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 Scott, 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 Scott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Scott is $641 in the 72142 zip code, while the lowest is also $641 in the same zip code.
Average Scott Assessed Value
$67,400
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 Scott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72142 | $6,865 | $32,250 | $67,400 | $130,025 | $253,955 |
Source: Ownwell
Property Tax Bills Across Scott, Arkansas
In Scott, located in Lonoke County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Scott is $67,400. The local property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and any applicable exemptions can influence the final amount. For example, the 25th percentile tax bill in Scott is $334, indicating that a quarter of homeowners pay this amount or less annually. On the higher end, the 75th percentile tax bill reaches $1,274, while the 90th percentile tax bill is $2,552. These figures highlight the range of property tax obligations within the area. Homeowners in Scott benefit from relatively low property taxes compared to the national median property tax rate of 0.99%, making it an attractive place for those looking to manage their housing costs effectively.
Average Scott Tax Bill
$641
Average Lonoke County Tax Bill
$1,186
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Scott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72142 | $156 | $334 | $641 | $1,274 | $2,552 |
Source: Ownwell