Smackover, Arkansas Property Taxes
The median property tax rate in Smackover, AR is 0.99%, aligning with the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Smackover, the typical annual property tax bill reaches $493, significantly lower than the national median of $2,690. Property taxes in Smackover are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Smackover'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 Smackover 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
Smackover, 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 Smackover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smackover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smackover 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 Smackover, Arkansas
Property taxes in Smackover, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smackover is 0.99%, aligning with both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Smackover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smackover 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 Smackover's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71762 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Smackover provides valuable insights into the varying tax landscape across Ouachita County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smackover Tax Rate
0.99%
Average Ouachita County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smackover, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71762 | 0.26% | 0.62% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Smackover, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Smackover, 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 Ouachita 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 Smackover, 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 Smackover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $493 in the 71762 zip code, while the lowest median tax bill is also $493 in the same zip code.
Average Smackover Assessed Value
$58,550
Average Ouachita County Assessed Value
$39,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smackover, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71762 | $13,300 | $30,375 | $58,550 | $94,762 | $129,010 |
Source: Ownwell
Property Tax Bills Across Smackover, Arkansas
In Smackover, located in Ouachita County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Smackover is $58,550. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property improvements, location, and market conditions can influence the assessed value. Homeowners in Smackover typically see tax bills ranging from $242 at the 25th percentile to $861 at the 75th percentile, with the top 10% paying up to $1,059. The highest and lowest median tax bills in the area are both $493, indicating a relatively consistent tax burden across properties. Compared to the national median property tax rate of 0.99%, Smackover's rates are generally lower, providing some financial relief to homeowners. However, property taxes still represent a significant expense that can impact household budgets and influence decisions about homeownership and property improvements.
Average Smackover Tax Bill
$493
Average Ouachita County Tax Bill
$254
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Smackover, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71762 | $124 | $242 | $493 | $861 | $1,059 |
Source: Ownwell