Scott, Arkansas Property Taxes
The median property tax rate in Scott, AR is 0.82%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Scott at $204,558, the typical annual property tax bill reaches $1,475, which is significantly less than the national median of $2,690. Property taxes in Scott are calculated based on the assessed value, which is generally lower than the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Scott'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 Scott or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scott, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,677
$1,557
Ownwell’s Scott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scott 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 Scott, Arkansas
Property taxes in Scott, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scott is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Scott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scott 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 Scott's effective property tax rate to other areas and the national median. For comparison, the zip code 72142 in Pulaski County has the same median property tax rate of 0.82%. Understanding how these areas compare with Scott provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scott Tax Rate
0.82%
Average Pulaski County Tax Rate
1.04%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72142 | 0.45% | 0.64% | 0.82% | 1.02% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Scott, Arkansas
In Scott, 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 Pulaski 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 Scott, 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 Scott 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 72142, with a median tax bill of $1,475.
Average Scott Assessed Value
$204,558
Average Pulaski County Assessed Value
$148,242
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72142 | $35,459 | $88,046 | $204,558 | $296,131 | $393,543 |
Source: Ownwell
Property Tax Bills Across Scott, Arkansas
In Scott, located in Pulaski 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 Scott is $204,558. Property taxes are then determined by multiplying the assessed value by the local tax rate. For instance, the tax bill for properties in the 25th percentile is around $592, while those in the 75th percentile face bills up to $2,764. Homeowners in the 90th percentile might see tax bills as high as $3,515. Several factors influence these tax bills, including the home's market value, any applicable exemptions, and the local tax rate. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners by reflecting the economic value of their homes. Compared to the national median property tax rate of 0.99%, the tax rates in Scott offer insight into the local tax burden and its implications for residents.
Average Scott Tax Bill
$1,475
Average Pulaski County Tax Bill
$1,457
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Scott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72142 | $262 | $592 | $1,475 | $2,764 | $3,515 |
Source: Ownwell