Lamar, Arkansas Property Taxes
The median property tax rate in Lamar, Arkansas is 0.80%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $73,450 in Lamar, the typical annual property tax bill is $592, significantly less than the national median of $2,690. Property taxes in Lamar are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lamar'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 Lamar or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lamar, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$588
$545
Ownwell’s Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Arkansas
Property taxes in Lamar, Arkansas, are essential in funding crucial local services including public schools, road maintenance, and emergency services. The median tax rate in Lamar is 0.55%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in Arkansas and the national median. For comparison, 72846 has the highest median property tax rate of 0.55%, while 72846 also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Lamar provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
0.80%
Average Pope County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72846 | 0.67% | 0.76% | 0.80% | 0.94% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Arkansas
In Lamar, 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 Johnson 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 Lamar, 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. For example, the median home price in Lamar is $73,450, with tax bills ranging from $264 at the 25th percentile to $1,903 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamar Assessed Value
$73,450
Average Pope County Assessed Value
$105,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72846 | $11,400 | $25,700 | $73,450 | $132,000 | $211,350 |
Source: Ownwell
Property Tax Bills Across Lamar, Arkansas
In Lamar, located in Pope County, Arkansas, 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 Lamar is $73,450. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile at $264 and the 75th percentile at $901. For those in the 90th percentile, the tax bill can reach up to $1,903. These taxes are determined by local tax rates applied to the assessed value of the property. Factors considered include the market value of the home, local tax rates, and any applicable exemptions or deductions. With a national median property tax rate of 0.99%, Lamar's property tax bills are relatively moderate, offering some financial relief to homeowners compared to other regions. This system ensures that property taxes are proportionate to property values, impacting homeowners' annual financial planning and overall cost of homeownership.
Average Lamar Tax Bill
$592
Average Pope County Tax Bill
$927
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72846 | $95 | $264 | $592 | $901 | $1,903 |
Source: Ownwell