Lexa, Arkansas Property Taxes
The median property tax rate in LEXA, AR is 0.79%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in LEXA at $46,150, the typical annual property tax bill amounts to $437, significantly below the national median of $2,690. Property taxes in LEXA are based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding LEXA'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 LEXA 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
Lexa, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$365
Ownwell’s LEXA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LEXA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LEXA 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 Lexa, Arkansas
Property taxes in Lexa, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexa is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Lexa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexa 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 Lexa's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72355 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Lexa 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 Lexa Tax Rate
0.79%
Average Phillips County Tax Rate
0.97%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexa, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72355 | 0.22% | 0.45% | 0.79% | 1.04% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Lexa, Arkansas
In LEXA, 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 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 LEXA, 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 LEXA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72355 has the highest and lowest median tax bill, both at $437.
Average Lexa Assessed Value
$46,150
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 Lexa, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72355 | $9,150 | $22,250 | $46,150 | $99,850 | $165,675 |
Source: Ownwell
Property Tax Bills Across Lexa, Arkansas
In LEXA, Phillips County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in this area is $46,150. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill around $182 and the 75th percentile reaching up to $871. For those in the 90th percentile, tax bills can be as high as $1,505. Several factors influence the final tax bill, including the property's assessed value and the local tax rate. The highest and lowest median tax bills in the county are both recorded at $437 in the 72355 zip code. Compared to the national median property tax rate of 0.99%, homeowners in LEXA may find their tax obligations to be relatively manageable. These property taxes are crucial for funding local services, making it essential for homeowners to understand how their bills are determined and the impact on their finances.
Average Lexa Tax Bill
$437
Average Phillips County Tax Bill
$283
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexa, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72355 | $65 | $182 | $437 | $871 | $1,505 |
Source: Ownwell