Elaine, Arkansas Property Taxes
The median property tax rate in Elaine, AR is 0.87%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $33,750, the typical annual property tax bill in Elaine amounts to $260, which is significantly lower than the national median of $2,690. Property taxes in Elaine are based on the assessed value, which is generally lower than the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Elaine'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 Elaine or elsewhere in Phillips County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elaine, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$294
$272
Ownwell’s Elaine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elaine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elaine 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 Elaine, Arkansas
Property taxes in Elaine, Arkansas, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Elaine is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Elaine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elaine 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 Elaine's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72333 zip code has the same median property tax rate of 0.87%. Understanding how these cities compare with Elaine provides valuable insights into the varying tax landscape across Phillips County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elaine Tax Rate
0.87%
Average Phillips County Tax Rate
0.97%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elaine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72333 | 0.20% | 0.40% | 0.87% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Elaine, Arkansas
In Elaine, 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 Phillips 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 Elaine, 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 Elaine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Elaine is $33,750, with tax bills ranging from $105 at the 25th percentile to $1,157 at the 90th percentile. The highest and lowest median tax bills are both $260 in zip code 72333.
Average Elaine Assessed Value
$33,750
Average Phillips County Assessed Value
$31,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elaine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72333 | $8,640 | $17,700 | $33,750 | $63,225 | $112,140 |
Source: Ownwell
Property Tax Bills Across Elaine, Arkansas
In Elaine, located in Phillips 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 Elaine stands at $33,750, and property taxes are then applied to this assessed value to determine the tax bill. Factors such as local tax rates and any applicable exemptions also play significant roles in determining the final amount. Homeowners in Elaine can expect tax bills that vary widely. The 25th percentile tax bill is around $105, while the 75th percentile reaches $610, and the 90th percentile climbs to $1,157. The highest median tax bill in the area is $260, applicable to the zip code 72333. Compared to the national median property tax rate of 0.99%, Elaine's property tax rates are relatively modest, offering some relief to homeowners. Understanding these factors helps residents anticipate their property tax obligations and plan accordingly.
Average Elaine Tax Bill
$260
Average Phillips County Tax Bill
$283
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Elaine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72333 | $41 | $105 | $260 | $610 | $1,157 |
Source: Ownwell