Thornton, Arkansas Property Taxes
The median property tax rate in Thornton, AR is 1.08%, slightly higher than the national median of 0.99% and the state median of 0.84%. With a median home value of $22,900 in Thornton, the typical annual property tax bill comes to $248, which is significantly lower than the national median of $2,690. Property taxes in Thornton are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Thornton'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 Thornton 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
Thornton, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$247
$230
Ownwell's Thornton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thornton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornton 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 Thornton, Arkansas
Property taxes in Thornton, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornton is 1.08%, which is higher than the U.S. national median of 0.99%. Local government entities within Thornton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornton 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 Thornton's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71766 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Thornton 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 Thornton Tax Rate
1.08%
Average Ouachita County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thornton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71766 | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Thornton, Arkansas
In Thornton, 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 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 Thornton, 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 Thornton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Thornton are both $248, found in zip code 71766.
Average Thornton Assessed Value
$22,900
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 Thornton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71766 | $22,900 | $22,900 | $22,900 | $22,900 | $22,900 |
Source: Ownwell
Property Tax Bills Across Thornton, Arkansas
In Thornton, located in Ouachita County, AR, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Homeowners in Thornton can expect their tax bill to be influenced by this assessed value, local tax rates, and any applicable exemptions or deductions. For Thornton, the median home price is $22,900, with property tax bills consistently around $248 across various percentiles. This uniform tax bill suggests a stable and predictable tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Thornton's property taxes are relatively low, making it an attractive location for homeowners seeking affordability. The consistent tax bill across different percentiles indicates that homeowners in Thornton can anticipate their property taxes with minimal fluctuation, contributing to financial stability. This predictability and affordability can significantly affect homeowners' budgeting and long-term financial planning, making Thornton an appealing community for property investment.
Average Thornton Tax Bill
$248
Average Ouachita County Tax Bill
$254
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71766 | $248 | $248 | $248 | $248 | $248 |
Source: Ownwell