Driver, Arkansas Property Taxes
The median property tax rate in DRIVER, AR is 0.69%, lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $57,485 in DRIVER, the typical annual property tax bill is $396, which is significantly less than the national median of $2,690. Property taxes in DRIVER are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding DRIVER's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of DRIVER or another part of Mississippi County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Driver, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$397
$368
Ownwell’s DRIVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DRIVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DRIVER 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 Driver, Arkansas
Property taxes in Driver, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Driver is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Driver set these rates annually, and they can vary significantly across different neighborhoods. Each year, Driver 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 Driver's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72329 zip code has the highest median property tax rate of 0.69%, while also having the lowest median tax rate of 0.69%. Understanding how these cities compare with Driver 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 Driver Tax Rate
0.69%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Driver, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72329 | 0.69% | 0.69% | 0.69% | 0.71% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Driver, Arkansas
In DRIVER, 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 DRIVER, 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 DRIVER helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72329 has the highest and lowest median tax bill, both at $396.
Average Driver Assessed Value
$57,485
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 Driver, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72329 | $57,485 | $57,485 | $57,485 | $59,744 | $63,810 |
Source: Ownwell
Property Tax Bills Across Driver, Arkansas
In DRIVER, located in Mississippi County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners in this area, the median home price is $57,485. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as local tax levies and any applicable exemptions can influence the final amount owed. For instance, homeowners at the 25th percentile pay around $396 annually, while those at the 75th percentile pay approximately $423. The tax bill can go up to $473 for those in the 90th percentile. These figures illustrate the range of property tax obligations within the community, with the highest and lowest median tax bills both recorded at $396 in the 72329 zip code. This rate is significantly lower than the national median property tax rate of 0.99%, providing some relief to homeowners in DRIVER compared to other regions.
Average Driver Tax Bill
$396
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Driver, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72329 | $396 | $396 | $396 | $423 | $473 |
Source: Ownwell