Lambrook, Arkansas Property Taxes
The median property tax rate in Lambrook, AR is 0.14%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Lambrook at $146,150, the typical annual property tax bill is $207, far below the national median of $2,690. Property taxes in Lambrook are calculated based on the tax assessed value, which generally falls beneath the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lambrook'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 Lambrook or another part of Phillips County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lambrook, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.14%
Estimate Property Tax Bill
$205
Ownwell’s LAMBROOK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAMBROOK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAMBROOK 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 Lambrook, Arkansas
Property taxes in Lambrook, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lambrook is 0.14%, significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Lambrook set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lambrook 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 Lambrook's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in the region is significantly higher, while the lowest median tax rate is also higher than Lambrook's. Understanding how these cities compare with Lambrook 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 Lambrook Tax Rate
0.14%
Average Phillips County Tax Rate
0.97%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lambrook, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72353 | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
Source: Ownwell
Property Tax Assessment Values Across Lambrook, Arkansas
In Lambrook, 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 Lambrook, 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 Lambrook helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 72353, with a median tax bill of $207.
Average Lambrook Assessed Value
$146,150
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 Lambrook, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72353 | $146,150 | $146,150 | $146,150 | $146,150 | $146,150 |
Source: Ownwell
Property Tax Bills Across Lambrook, Arkansas
In Lambrook, located in Phillips County, AR, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value, and this rate can vary depending on local regulations. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Lambrook, the median home price is $146,150. Property taxes here are notably low compared to the national median property tax rate of 0.99%, with most homeowners experiencing a consistent tax bill of $207. This uniformity in tax bills, regardless of the home’s value, suggests a simplified and predictable tax structure within this region. These property taxes fund essential community services such as public schools, infrastructure, and emergency services. For homeowners, understanding how their tax bill is calculated can provide clarity and help in financial planning, ensuring they are prepared for this recurring expense.
Average Lambrook Tax Bill
$207
Average Phillips County Tax Bill
$283
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lambrook, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72353 | $207 | $207 | $207 | $207 | $207 |
Source: Ownwell