Bassett, Arkansas Property Taxes
The median property tax rate in Bassett, Arkansas is 0.66%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Bassett, the typical annual property tax bill reaches $334, significantly below the national median of $2,690. Property taxes in Bassett are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bassett'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 Bassett 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
Bassett, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$419
Ownwell’s Bassett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bassett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bassett 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 Bassett, Arkansas
Property taxes in Bassett, Arkansas, play a crucial role in supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bassett is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Bassett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bassett 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 Bassett's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72313 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Bassett provides valuable insights into the varying tax landscape across Mississippi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bassett Tax Rate
0.66%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bassett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72313 | 0.38% | 0.51% | 0.66% | 0.91% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Bassett, Arkansas
In Bassett, 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 Mississippi 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 Bassett, 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. For instance, the median home price in Bassett is $63,420, with tax bills ranging from $234 at the 25th percentile to $1,388 at the 90th percentile. The zip code 72313 has the highest and lowest median tax bill at $334. 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 Bassett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bassett Assessed Value
$63,420
Average Mississippi County Assessed Value
$66,110
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bassett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72313 | $14,300 | $44,295 | $63,420 | $100,195 | $170,411 |
Source: Ownwell
Property Tax Bills Across Bassett, Arkansas
Property tax bills in Bassett, located in Mississippi County, AR, are determined based on the assessed value of a property, which is a percentage of its market value. The median home price in Bassett is $63,420. Homeowners can expect their property tax bill to vary significantly depending on their property's assessed value and the local tax rate. For instance, the 25th percentile of tax bills is $234, while the 75th percentile reaches $624, and the 90th percentile can go up to $1,388. These variations are influenced by factors such as property size, location, and any applicable exemptions. The highest and lowest median tax bills in the area are both $334, found in the zip code 72313. Compared to the national median property tax rate of 0.99%, the property tax rates in Bassett can be relatively moderate, making it essential for homeowners to understand their local tax rates and assessed values to anticipate their annual property tax obligations accurately.
Average Bassett Tax Bill
$334
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Bassett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72313 | $85 | $234 | $334 | $624 | $1,388 |
Source: Ownwell