Eureka Springs, Arkansas Property Taxes
The median property tax rate in Eureka Springs, AR is 0.76%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $168,800 in Eureka Springs, the typical annual property tax bill is around $1,396, falling well below the national median of $2,690. Property taxes in Eureka Springs are calculated based on the tax assessed value, which often comes in lower than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Eureka Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Eureka Springs or another part of Madison County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eureka Springs, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Eureka Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eureka Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eureka Springs 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 Eureka Springs, Arkansas
Property taxes in Eureka Springs, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eureka Springs is 0.76%, lower than the U.S. national median of 0.99%. Local government entities within Eureka Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eureka Springs 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 Eureka Springs' effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72632 zip code has the median property tax rate of 0.76%. Understanding how these cities compare with Eureka Springs provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eureka Springs Tax Rate
0.76%
Average Madison County Tax Rate
0.68%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eureka Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72632 | 0.43% | 0.61% | 0.76% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Eureka Springs, Arkansas
In Eureka Springs, 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 county 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 Eureka Springs, 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 Eureka Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Eureka Springs, the median home price is $168,800. The highest and lowest median tax bills are both $1,396 in the 72632 zip code.
Property Tax Assessment Values Across Eureka Springs, Arkansas
Source: Ownwell
$34,750
$101,775
$168,800
Average Eureka Springs Assessed Value
$168,800
Average Madison County Assessed Value
$78,900
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eureka Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72632 | $110,400 | $121,275 | $168,800 | $285,700 | $386,800 |
Source: Ownwell
Property Tax Bills Across Eureka Springs, Arkansas
In Eureka Springs, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value, and the tax rate is applied to this assessed value to calculate the tax bill. For instance, homeowners in Eureka Springs can expect a median home price of $168,800. The property tax rate in this region is influenced by local government budgets and public service funding requirements. Several factors are considered when determining the tax bill, including property size, location, and any improvements made to the property. For homeowners, this means that their annual tax bills can vary significantly. For example, the tax bill at the 25th percentile is $757, while at the 75th percentile, it rises to $2113. At the 90th percentile, it can reach as high as $3056. These variations underscore the importance of understanding how local assessments and tax rates impact overall property tax obligations.
Average Eureka Springs Tax Bill
$1,396
Average Madison County Tax Bill
$463
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Eureka Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72632 | $464 | $757 | $1,396 | $2,113 | $3,056 |
Source: Ownwell