Luxora, Arkansas Property Taxes
The median property tax rate in Luxora, Arkansas is 0.90%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $28,060 in Luxora, the typical annual property tax bill is approximately $240, significantly below the national median of $2,690. Property taxes in Luxora are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Luxora'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 Luxora 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
Luxora, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$253
Ownwell’s Luxora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luxora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luxora 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 Luxora, Arkansas
Property taxes in Luxora, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luxora is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Luxora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luxora 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 Luxora's effective property tax rate to other regions in Arkansas and the national median. For comparison, the 72358 zip code has the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Luxora 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 Luxora Tax Rate
0.90%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luxora, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72358 | 0.56% | 0.76% | 0.90% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Luxora, Arkansas
In Luxora, 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 Luxora, 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 Luxora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Luxora is $240.00 in the 72358 zip code, while the lowest median tax bill is also $240.00 in the same zip code.
Average Luxora Assessed Value
$28,060
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 Luxora, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72358 | $9,286 | $17,111 | $28,060 | $50,616 | $81,250 |
Source: Ownwell
Property Tax Bills Across Luxora, Arkansas
In Luxora, Mississippi County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Luxora typically see a median property tax bill of $240, aligning with the national median property tax rate of 0.99%. The assessed value considers both the land and any structures on it, and various local tax rates are applied to determine the final tax bill. For example, homeowners in the 25th percentile pay around $149, while those in the 75th percentile pay about $392. At the higher end, the 90th percentile sees tax bills up to $665. These tax bills directly impact homeowners by influencing their monthly mortgage payments and overall housing costs. Higher property taxes can make homeownership more expensive, affecting affordability. Conversely, lower taxes can ease financial burdens, making it more attractive for potential buyers. Understanding these factors is crucial for homeowners and buyers in Luxora to manage their finances effectively.
Average Luxora Tax Bill
$240
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Luxora, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72358 | $70 | $149 | $240 | $392 | $665 |
Source: Ownwell