Bull Shoals, Marion County, Arkansas Property Taxes
The median property tax rate in Bull Shoals, AR is 0.98%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $107,300 in Bull Shoals, the typical annual property tax bill is $941, significantly less than the national median of $2,690. Property taxes in Bull Shoals are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bull Shoals' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bull Shoals or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bull Shoals, Marion County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,052
$976
Ownwell’s BULL SHOALS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BULL SHOALS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BULL SHOALS 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 Bull Shoals, Marion County, Arkansas
Property taxes in Bull Shoals, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bull Shoals is 0.52%, which is lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Bull Shoals set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bull Shoals 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 Bull Shoals' effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72619 zip code has the highest median property tax rate of 0.52%, while the 72619 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Bull Shoals provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bull Shoals Tax Rate
0.98%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bull Shoals, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72619 | 0.65% | 0.84% | 0.98% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Bull Shoals, Marion County, Arkansas
In Bull Shoals, 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 Marion 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 Bull Shoals, 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 Bull Shoals helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $941, found in the 72619 zip code, which is also the lowest median tax bill recorded.
Property Tax Assessment Values Across Bull Shoals, Marion County, Arkansas
Source: Ownwell
$43,525
$118,475
$193,425
Average Bull Shoals Assessed Value
$107,300
Average Marion County Assessed Value
$88,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bull Shoals, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72619 | $29,440 | $68,800 | $107,300 | $158,800 | $218,640 |
Source: Ownwell
Property Tax Bills Across Bull Shoals, Marion County, Arkansas
In Bull Shoals, Marion 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 Bull Shoals is $107,300. Property taxes in this area consider various factors, including the property's assessed value, applicable tax rates, and any exemptions or deductions homeowners may qualify for. The tax bill can vary significantly, with homeowners in the 25th percentile paying around $601 annually, while those in the 75th percentile face bills of approximately $1,434. At the higher end, the 90th percentile tax bill reaches up to $1,892. Understanding these factors helps homeowners anticipate their property tax obligations better. Compared to the national median property tax rate of 0.99%, the property tax rate in Bull Shoals is relatively moderate, making it an attractive location for homeowners looking to manage their tax expenses effectively.
Average Bull Shoals Tax Bill
$941
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Bull Shoals, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72619 | $282 | $601 | $941 | $1,434 | $1,892 |
Source: Ownwell