Walnut Ridge, Arkansas Property Taxes
The median property tax rate in Walnut Ridge, AR is 0.76%, 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 $60,925 in Walnut Ridge, the typical annual property tax bill is around $375, significantly below the national median of $2,690. Property taxes in Walnut Ridge are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Walnut Ridge'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 Walnut Ridge 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
Walnut Ridge, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$463
$430
Ownwell’s Walnut Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Ridge 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 Randolph County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Walnut Ridge, Arkansas
Property taxes in Walnut Ridge, Arkansas, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Ridge is 0.76%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Walnut Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Ridge 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 Walnut Ridge's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72476 zip code has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Walnut Ridge provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walnut Ridge Tax Rate
0.76%
Average Randolph County Tax Rate
0.59%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72476 | 0.16% | 0.37% | 0.76% | 0.78% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Ridge, Arkansas
In Walnut Ridge, 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 Randolph 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 Walnut Ridge, 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 Walnut Ridge 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 72476, with a median tax bill of $375.
Average Walnut Ridge Assessed Value
$60,925
Average Randolph County Assessed Value
$65,900
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walnut Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72476 | $17,612 | $42,812 | $60,925 | $95,681 | $145,900 |
Source: Ownwell
Property Tax Bills Across Walnut Ridge, Arkansas
In Walnut Ridge, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local county assessor and is typically a percentage of the market value. For homeowners in Walnut Ridge, the median home price stands at $60,925, which serves as a baseline for calculating property taxes. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within Randolph County, any applicable exemptions, and the specific tax rate set by local authorities. For example, the tax bill for properties in the 25th percentile is around $129, while those in the 75th percentile see bills closer to $603. At the higher end, the 90th percentile tax bill reaches $1,012. These variations highlight how different factors can significantly impact the amount homeowners pay in property taxes. Understanding these elements helps homeowners anticipate their financial obligations and plan accordingly.
Average Walnut Ridge Tax Bill
$375
Average Randolph County Tax Bill
$338
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72476 | $55 | $129 | $375 | $603 | $1,012 |
Source: Ownwell