Vendor, Arkansas Property Taxes
The median property tax rate in Vendor, Arkansas is 0.52%, significantly lower than the national median of 0.99% and also below the Arkansas state median of 0.84%. With the median home value in Vendor, the typical annual property tax bill is $512, which is well below the national median of $2,690. Property taxes in Vendor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Vendor'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 Vendor 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
Vendor, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$542
$503
Ownwell’s VENDOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in VENDOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in VENDOR 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 Vendor, Arkansas
Property taxes in Vendor, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Vendor is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within Vendor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vendor 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 Vendor's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72683 has both the highest and lowest median property tax rate in Newton County at 0.52%. Understanding how these cities compare with Vendor 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 Vendor Tax Rate
0.52%
Average Newton County Tax Rate
0.71%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vendor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72683 | 0.37% | 0.45% | 0.52% | 0.57% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Vendor, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Vendor, Arkansas. 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. In Vendor, 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. For instance, the median home price in Vendor is $104,175, with tax bills ranging from $306 at the 25th percentile to $1,420 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vendor Assessed Value
$104,175
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 Vendor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72683 | $32,660 | $56,475 | $104,175 | $174,962 | $239,305 |
Source: Ownwell
Property Tax Bills Across Vendor, Arkansas
Property tax bills in Vendor, Newton County, Arkansas, are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Vendor can expect their property tax bills to be influenced by various factors, including the property's location, size, and improvements. For instance, the median home price in Vendor is $104,175. Property tax rates in Vendor are relatively low compared to the national median property tax rate of 0.99%. In Vendor, the tax bill at the 25th percentile is $306, while at the 75th percentile, it rises to $756, and at the 90th percentile, it can reach up to $1,420. These figures illustrate the range of tax bills homeowners might encounter, depending on their property's assessed value. The highest and lowest median tax bills in Vendor are both $512, indicating a consistent tax rate across different zip codes. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Vendor Tax Bill
$512
Average Newton County Tax Bill
$525
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Vendor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72683 | $180 | $306 | $512 | $756 | $1,420 |
Source: Ownwell