Leachville, Arkansas Property Taxes
The median property tax rate in Leachville, AR is 0.79%, 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 Leachville at $61,055, the typical annual property tax bill amounts to $457, significantly below the national median of $2,690. Property taxes in Leachville 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. By understanding Leachville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Leachville or another part of Mississippi County, gaining insight into the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Leachville, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Leachville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leachville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leachville 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 Leachville, Arkansas
Property taxes in Leachville, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Leachville is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Leachville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leachville 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 Leachville's effective property tax rate to other areas in Mississippi County and the national median. For comparison, the zip code 72438 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Leachville 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 Leachville Tax Rate
0.79%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leachville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72438 | 0.53% | 0.68% | 0.79% | 0.88% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Leachville, Arkansas
In Leachville, 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 Assessor 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 Leachville, 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 Leachville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Leachville, the median home price is $61,055, with tax bills ranging from $286 at the 25th percentile to $778 at the 75th percentile. The highest and lowest median tax bills are both in the 72438 zip code, amounting to $457.
Average Leachville Assessed Value
$61,055
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 Leachville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72438 | $23,183 | $37,415 | $61,055 | $100,030 | $154,308 |
Source: Ownwell
Property Tax Bills Across Leachville, Arkansas
In Leachville, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, market trends, and any applicable exemptions or abatements can influence the final amount. For homeowners in Leachville, the median home price is $61,055, and property tax bills can vary significantly. The 25th percentile tax bill is around $286, while the 75th percentile reaches $778. At the 90th percentile, homeowners might see tax bills as high as $1,196. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Leachville's rates can be more manageable, making it a relatively affordable place for property owners. Nonetheless, understanding these factors is essential for homeowners to anticipate their annual property tax obligations accurately.
Average Leachville Tax Bill
$457
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Leachville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72438 | $162 | $286 | $457 | $778 | $1,196 |
Source: Ownwell