Caraway, Arkansas Property Taxes
The median property tax rate in Caraway, AR is 0.82%, slightly below both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $38,050 in Caraway, the typical annual property tax bill is $313, significantly lower than the national median of $2,690. Property taxes in Caraway are calculated based on the tax assessed value, which often falls below market value due to exemptions such as primary residence and agricultural exemptions. Understanding Caraway'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 Caraway or another part of Poinsett County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Caraway, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$312
$290
Ownwell’s Caraway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caraway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caraway 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 Caraway, Arkansas
Property taxes in Caraway, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caraway is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Caraway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caraway 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 Caraway's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72419 within Poinsett County has both the highest and the lowest median property tax rate of 0.82%. Understanding how these cities compare with Caraway provides valuable insights into the varying tax landscape across Poinsett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caraway Tax Rate
0.82%
Average Poinsett County Tax Rate
0.79%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Caraway, Arkansas
In Caraway, 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 Poinsett County Assessor's Office 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 Caraway, 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 Caraway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 72419, both at $313.
Average Caraway Assessed Value
$38,050
Average Poinsett County Assessed Value
$65,250
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | $37,490 | $37,700 | $38,050 | $68,225 | $86,330 |
Source: Ownwell
Property Tax Bills Across Caraway, Arkansas
In Caraway, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. For homeowners in Poinsett County, the median home price stands at $38,050. Property tax rates are applied to this assessed value to determine the final tax bill. Key factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is $310, while at the 75th percentile, it rises to $561. At the 90th percentile, it reaches $710. These tax bills can significantly impact homeowners' finances, making it crucial to understand how they are calculated and managed. Compared to the national median property tax rate of 0.99%, the rates in Caraway may appear more favorable or less burdensome, depending on individual circumstances. Understanding these factors can help homeowners better plan for their financial obligations and potentially seek adjustments or exemptions where applicable.
Average Caraway Tax Bill
$313
Average Poinsett County Tax Bill
$472
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Caraway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | $308 | $310 | $313 | $561 | $710 |
Source: Ownwell