Traskwood, Arkansas Property Taxes
The median property tax rate in Traskwood, AR is 0.82%, which is slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Traskwood at $58,440, the typical annual property tax bill is $466, well below the national median of $2,690. Property taxes in Traskwood are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural use. Understanding Traskwood'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 Traskwood 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
Traskwood, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Traskwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Traskwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Traskwood 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 Traskwood, Arkansas
Property taxes in Traskwood, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Traskwood is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Traskwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Traskwood 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 Traskwood's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72167 zip code has the highest median property tax rate of 0.82%, while the same zip code has the lowest median tax rate of 0.82%. Understanding how these cities compare with Traskwood 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 Traskwood Tax Rate
0.82%
Average Saline County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Traskwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | 0.57% | 0.64% | 0.82% | 1.01% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Traskwood, Arkansas
In Traskwood, 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 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 Traskwood, 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 Traskwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Traskwood, the median home price is $58,440, with annual tax bills ranging from $259 to $1,423. The zip code 72167 has the highest median tax bill at $466.
Average Traskwood Assessed Value
$58,440
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 Traskwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | $15,181 | $34,175 | $58,440 | $109,915 | $197,383 |
Source: Ownwell
Property Tax Bills Across Traskwood, Arkansas
In Traskwood, located in Saline County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. For example, with a median home price of $58,440, the assessed value would be a fraction of this market price, and the property tax rate is applied to this assessed value. Several factors influence the final tax bill, including the property's location within specific school districts or municipal boundaries, which may have varying tax rates. Homeowners in Traskwood can expect tax bills ranging from $259 at the 25th percentile to $1,423 at the 90th percentile, reflecting the diverse property values within the area. These property taxes fund essential local services such as schools, public safety, and infrastructure maintenance, directly impacting the community's quality of life. While the national median property tax rate is 0.99%, Traskwood's rates are relatively moderate, making it an appealing location for homeowners seeking affordability.
Average Traskwood Tax Bill
$466
Average Saline County Tax Bill
$1,361
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Traskwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | $128 | $259 | $466 | $886 | $1,423 |
Source: Ownwell