Cherry Valley, Arkansas Property Taxes
The median property tax rate in Cherry Valley, AR is 0.74%, which is notably lower than both the national median of 0.99% and Arkansas's state median of 0.84%. With the median home value in Cherry Valley at $66,325, the typical annual property tax bill amounts to $354, significantly below the national median of $2,690. Property taxes in Cherry Valley are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cherry Valley'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 Cherry Valley 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
Cherry Valley, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$491
$455
Ownwell’s Cherry Valley Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Cherry Valley. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Cherry Valley to provide an accurate estimate of your property tax bill. This tool offers crucial insights into potential tax liabilities, helping you make informed financial decisions. For those interested in more granular details, you can scroll down to explore trends at the neighborhood level. Your property's assessed value, determined by Poinsett County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Cherry Valley, Arkansas
Property taxes in Cherry Valley, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherry Valley is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Cherry Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherry Valley 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. Understanding how Cherry Valley's property tax rate compares with other areas in Poinsett County provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherry Valley Tax Rate
0.74%
Average Poinsett County Tax Rate
0.79%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherry Valley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72324 | 0.47% | 0.62% | 0.74% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Cherry Valley, Arkansas
In Cherry Valley, 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 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 Cherry Valley, 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 Cherry Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cherry Valley both stand at $354, specifically in the 72324 zip code.
Average Cherry Valley Assessed Value
$66,325
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 Cherry Valley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72324 | $11,860 | $27,212 | $66,325 | $107,262 | $160,275 |
Source: Ownwell
Property Tax Bills Across Cherry Valley, Arkansas
In Cherry Valley, Poinsett 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 local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as the property's location, size, and any applicable exemptions can influence the assessed value. For example, the median home price in Cherry Valley is $66,325, and property tax bills can vary significantly within the region. Homeowners in the 25th percentile may see tax bills around $204, while those in the 75th percentile could face bills closer to $769. At the 90th percentile, tax bills can reach approximately $972. These variations highlight the impact of property values and tax rates on homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Cherry Valley offers a relatively affordable tax environment, which can be a crucial factor for current and prospective homeowners.
Average Cherry Valley Tax Bill
$354
Average Poinsett County Tax Bill
$472
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherry Valley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72324 | $109 | $204 | $354 | $769 | $972 |
Source: Ownwell