Texarkana, Arkansas Property Taxes
The median property tax rate in Texarkana, AR is 0.87%, slightly below the national median of 0.99% but marginally higher than the Arkansas state median of 0.84%. With a median home value of $86,225 in Texarkana, the typical annual property tax bill amounts to $693, which is significantly lower than the national median of $2,690. Property taxes in Texarkana are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Texarkana'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 Texarkana 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
Texarkana, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$750
Ownwell’s Texarkana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Texarkana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Texarkana 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 Texarkana, Arkansas
Property taxes in Texarkana, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Texarkana is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Texarkana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Texarkana 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 Texarkana's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71854 zip code has both the highest and the lowest median property tax rate of 0.87%. Understanding how these cities compare with Texarkana provides valuable insights into the varying tax landscape across Miller County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Texarkana Tax Rate
0.87%
Average Miller County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Texarkana, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71854 | 0.30% | 0.59% | 0.87% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Texarkana, Arkansas
In Texarkana, 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 Miller 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 Texarkana, 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 Texarkana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71854 has both the highest and lowest median tax bills, both at $693, which is significantly lower than the national median property tax rate of 0.99%.
Average Texarkana Assessed Value
$86,225
Average Miller County Assessed Value
$80,350
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Texarkana, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71854 | $20,800 | $42,100 | $86,225 | $153,500 | $222,945 |
Source: Ownwell
Property Tax Bills Across Texarkana, Arkansas
In Texarkana, located in Miller County, AR, property tax bills are calculated based on the assessed value of the home, which is typically a percentage of its market value. For instance, a median home price in Texarkana is $86,225. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Texarkana can expect their property tax bills to vary significantly. For example, the tax bill for the 25th percentile is around $316, while those in the 75th percentile may see bills as high as $1,309. The 90th percentile tax bill can reach up to $2,040. Compared to the national median property tax rate of 0.99%, Texarkana offers relatively affordable property taxes, with the highest median tax bill recorded at $693 in zip code 71854. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Texarkana Tax Bill
$693
Average Miller County Tax Bill
$630
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Texarkana, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71854 | $134 | $316 | $693 | $1,309 | $2,040 |
Source: Ownwell