Price Place, Marion County, Arkansas Property Taxes
The median property tax rate in Price Place, AR is 0.73%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Price Place at $145,500, the typical annual property tax bill amounts to $1,031, falling below the national median of $2,690. Property taxes in Price Place 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 Price Place'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 Price Place 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
Price Place, Marion County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,062
$986
Ownwell’s PRICE PLACE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PRICE PLACE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PRICE PLACE 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 Price Place, Marion County, Arkansas
Property taxes in Price Place, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Price Place is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Price Place set these rates annually, and they can vary across different neighborhoods. Each year, Price Place 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 Price Place's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72661 has the same median property tax rate of 0.73%. Understanding how these areas compare with Price Place 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 Price Place Tax Rate
0.73%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Price Place, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72661 | 0.43% | 0.61% | 0.73% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Price Place, Marion County, Arkansas
In PRICE PLACE, 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 PRICE PLACE, 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 PRICE PLACE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72661, with a tax bill of $1,031, while the lowest median tax bill is also in the same zip code at $1,031.
Property Tax Assessment Values Across Price Place, Marion County, Arkansas
Source: Ownwell
$43,525
$118,475
$193,425
Average Price Place Assessed Value
$145,500
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 Price Place, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72661 | $78,360 | $100,850 | $145,500 | $252,500 | $317,850 |
Source: Ownwell
Property Tax Bills Across Price Place, Marion County, Arkansas
In PRICE PLACE, located in Marion County, AR, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the market value of the property. Homeowners in PRICE PLACE can expect their tax bills to vary significantly depending on the value of their property. For example, the tax bill at the 25th percentile is $648, while at the 75th percentile, it rises to $1610, and at the 90th percentile, it can reach $2308. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence these amounts. With the national median property tax rate at 0.99%, the tax burden in PRICE PLACE can be relatively favorable for homeowners, especially when compared to regions with higher rates. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly.
Average Price Place Tax Bill
$1,031
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Price Place, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72661 | $485 | $648 | $1,031 | $1,610 | $2,308 |
Source: Ownwell