Shannon Hills, Arkansas Property Taxes
The median property tax rate in Shannon Hills, AR is 0.94%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Shannon Hills, the typical annual property tax bill amounts to $1,212, which is lower than the national median of $2,690. Property taxes in Shannon Hills are calculated based on the assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Shannon Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Shannon Hills or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shannon Hills, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,048
$972
Ownwell’s Shannon Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannon Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannon Hills 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 Shannon Hills, Arkansas
Property taxes in Shannon Hills, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shannon Hills is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Shannon Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shannon Hills 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 Shannon Hills' effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72103 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these areas compare with Shannon Hills provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shannon Hills Tax Rate
0.94%
Average Saline County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shannon Hills, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72103 | 0.86% | 0.87% | 0.94% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Shannon Hills, Arkansas
In Shannon Hills, 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 Saline 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 Shannon Hills, 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 Shannon Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,212, found in the 72103 zip code.
Average Shannon Hills Assessed Value
$111,438
Average Saline County Assessed Value
$164,560
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shannon Hills, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72103 | $4,713 | $16,001 | $111,438 | $176,880 | $216,745 |
Source: Ownwell
Property Tax Bills Across Shannon Hills, Arkansas
In Shannon Hills, located in Saline County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Shannon Hills is $111,438. Homeowners in this area can expect their tax bills to vary significantly, influenced by factors such as property size, location, and improvements made to the property. The 25th percentile tax bill sits at $160, while the 75th percentile reaches $1,580, and the 90th percentile can go up to $2,079. The highest and lowest median tax bills in the 72103 zip code are both $1,212, suggesting a uniformity in the tax rates within this area. Compared to the national median property tax rate of 0.99%, Shannon Hills offers a relatively affordable property tax environment. These tax bills directly impact homeowners by affecting their annual housing costs, potentially influencing decisions on property purchases and investments.
Average Shannon Hills Tax Bill
$1,212
Average Saline County Tax Bill
$1,361
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Shannon Hills, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72103 | $74 | $160 | $1,212 | $1,580 | $2,079 |
Source: Ownwell