Lonoke, Arkansas Property Taxes
The median property tax rate in Lonoke, AR is 0.54%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Lonoke at $97,150, the typical annual property tax bill reaches $594, well below the national median of $2,690. Property taxes in Lonoke are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lonoke'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 Lonoke 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
Lonoke, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$525
Ownwell’s Lonoke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lonoke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lonoke 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 Lonoke, Arkansas
Property taxes in Lonoke, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lonoke is 0.54%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Lonoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lonoke 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 Lonoke's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72086 has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Lonoke provides valuable insights into the varying tax landscape across Prairie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lonoke Tax Rate
0.54%
Average Prairie County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lonoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72086 | 0.28% | 0.44% | 0.54% | 0.87% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Lonoke, Arkansas
In Lonoke, 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 local 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 Lonoke, 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 Lonoke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72086, with a median tax bill of $594, which is significantly lower than the national median property tax rate of 0.99%.
Average Lonoke Assessed Value
$97,150
Average Prairie County Assessed Value
$51,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lonoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72086 | $42,120 | $58,225 | $97,150 | $218,025 | $245,140 |
Source: Ownwell
Property Tax Bills Across Lonoke, Arkansas
In Lonoke, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is typically a percentage of the market value of the property. For instance, in Lonoke, the median home price is $97,150. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners in Lonoke can expect to pay property taxes that vary significantly depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $387, while at the 75th percentile, it rises to $1,176. The highest median tax bill in the area is $594, found in zip code 72086. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate future expenses.
Average Lonoke Tax Bill
$594
Average Prairie County Tax Bill
$335
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lonoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72086 | $199 | $387 | $594 | $1,176 | $1,330 |
Source: Ownwell