Valley Springs, Marion County, Arkansas Property Taxes
The median property tax rate in Valley Springs, AR is 0.83%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Valley Springs at $75,500, the typical annual property tax bill is around $566, which is significantly below the national median of $2,690. Property taxes in Valley Springs are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Valley 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 Valley Springs 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
Valley Springs, Marion County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$627
$582
Ownwell’s Valley Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Valley Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Valley 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 Valley Springs, Marion County, Arkansas
Property taxes in Valley Springs, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Valley Springs is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Valley Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Valley 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 Valley Springs' effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72682 has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Valley Springs 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 Valley Springs Tax Rate
0.83%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Valley Springs, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72682 | 0.56% | 0.65% | 0.83% | 0.91% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Valley Springs, Marion County, Arkansas
In Valley 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 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 Valley 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. The median home price in this area is $75,500, with tax bills ranging from $247 at the 25th percentile to $1,646 at the 90th percentile. 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 Valley Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Valley Springs, Marion County, Arkansas
Source: Ownwell
$43,525
$118,475
$193,425
Average Valley Springs Assessed Value
$75,500
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 Valley Springs, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72682 | $18,415 | $34,450 | $75,500 | $134,362 | $210,435 |
Source: Ownwell
Property Tax Bills Across Valley Springs, Marion County, Arkansas
In Valley Springs, located in Marion County, AR, property tax bills are calculated based on the assessed value of a home. The process begins with the county assessor determining the market value of the property. In Arkansas, the assessed value is then calculated as 20% of the market value. This assessed value is multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $75,500 in Valley Springs, the assessed value would be $15,100. Local tax rates are applied to this assessed value to calculate the tax bill. Homeowners in Valley Springs typically see a wide range in their property tax bills. The 25th percentile tax bill is around $247, while the 75th percentile tax bill reaches $1,012, and the 90th percentile tax bill can be as high as $1,646. This variability can significantly impact homeowners, influencing their annual budgeting and financial planning.
Average Valley Springs Tax Bill
$566
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Valley Springs, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72682 | $163 | $247 | $566 | $1,012 | $1,646 |
Source: Ownwell