Sparkman, Arkansas Property Taxes
The median property tax rate in Sparkman, Arkansas is 0.87%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Sparkman at $28,150, the typical annual property tax bill reaches $267, which is significantly below the national median of $2,690. Property taxes in Sparkman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Sparkman'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 Sparkman 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
Sparkman, 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 Sparkman Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Sparkman with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sparkman to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Sparkman, Arkansas
Property taxes in Sparkman, Arkansas, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparkman is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Sparkman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparkman 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 Sparkman's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 71763 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Sparkman 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 Sparkman Tax Rate
0.87%
Average Ouachita County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparkman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | 0.16% | 0.47% | 0.87% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Sparkman, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sparkman, Arkansas. The market value represents 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 Sparkman, 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 Sparkman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71763 has the highest and lowest median tax bill, both at $267. By staying informed, homeowners can better manage their property tax obligations and potentially reduce their tax bills.
Average Sparkman Assessed Value
$28,150
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 Sparkman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | $5,710 | $14,062 | $28,150 | $81,625 | $140,920 |
Source: Ownwell
Property Tax Bills Across Sparkman, Arkansas
In Sparkman, located in Ouachita County, AR, property tax bills are calculated based on the assessed value of a property. The assessed value typically represents a percentage of the property's market value. Local tax authorities then apply the relevant tax rate to this assessed value to determine the annual tax bill. Various factors influence this calculation, including property size, location, and any applicable exemptions. For homeowners in Sparkman, property tax bills can vary significantly. For example, the tax bill at the 25th percentile is around $54, whereas it reaches approximately $506 at the 75th percentile and $688 at the 90th percentile. This range indicates how different property characteristics and valuations can impact tax obligations. The median home price in Sparkman is $28,150, which is considerably lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their finances accordingly.
Average Sparkman Tax Bill
$267
Average Ouachita County Tax Bill
$254
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparkman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71763 | $24 | $54 | $267 | $506 | $688 |
Source: Ownwell