Parthenon, Arkansas Property Taxes
The median property tax rate in Parthenon, AR is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $63,150 in Parthenon, the typical annual property tax bill amounts to $475, significantly below the national median of $2,690. Property taxes in Parthenon 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. Understanding Parthenon'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 Parthenon or another part of the city, comprehending the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Parthenon, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$486
$451
Ownwell’s Parthenon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parthenon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parthenon 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 Parthenon, Arkansas
Property taxes in Parthenon, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parthenon is 0.52%, which is significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Parthenon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parthenon 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 Parthenon's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72666 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with Parthenon provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parthenon Tax Rate
0.77%
Average Newton County Tax Rate
0.71%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parthenon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72666 | 0.58% | 0.67% | 0.77% | 0.81% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Parthenon, Arkansas
In Parthenon, 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 Newton 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. 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 Parthenon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Parthenon are both $475, found in the 72666 zip code.
Average Parthenon Assessed Value
$63,150
Average Newton County Assessed Value
$77,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parthenon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72666 | $15,490 | $29,850 | $63,150 | $107,175 | $162,870 |
Source: Ownwell
Property Tax Bills Across Parthenon, Arkansas
In Parthenon, Newton County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For example, with a median home price of $63,150, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $236, while those in the 75th percentile see bills of about $798. At the 90th percentile, the tax bill can reach up to $1,177. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The median tax bill in Parthenon is $475, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it's important for homeowners to stay informed about any changes in property assessments or tax rates that could affect their annual bill.
Average Parthenon Tax Bill
$475
Average Newton County Tax Bill
$525
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Parthenon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72666 | $124 | $236 | $475 | $798 | $1,177 |
Source: Ownwell