Booneville, Arkansas Property Taxes
The median property tax rate in Booneville, Arkansas is 0.86%, slightly higher than the state median of 0.84% but lower than the national median of 0.99%. With the median home value in Booneville at $48,875, the typical annual property tax bill is $386, significantly below the national median of $2,690. Property taxes in Booneville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Booneville'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 Booneville 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
Booneville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$420
Ownwell’s Booneville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Booneville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Booneville 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 Booneville, Arkansas
Property taxes in Booneville, Arkansas, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Booneville is 0.86%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Booneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Booneville 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 Booneville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72927 zip code has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these areas compare with Booneville provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Booneville Tax Rate
0.86%
Average Scott County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Booneville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72927 | 0.65% | 0.77% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Booneville, Arkansas
In Booneville, 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 Scott 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. 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 Booneville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Booneville is $48,875, with the 25th percentile tax bill at $195 and the 75th percentile tax bill at $679. The highest and lowest median tax bills both stand at $386 in zip code 72927.
Average Booneville Assessed Value
$48,875
Average Scott County Assessed Value
$49,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Booneville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72927 | $8,250 | $24,025 | $48,875 | $90,012 | $146,690 |
Source: Ownwell
Property Tax Bills Across Booneville, Arkansas
In Booneville, located in Scott County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by a percentage of the property's market value. The local tax rate is then applied to this assessed value. For example, with a median home price of $48,875, homeowners can expect varying tax bills. The 25th percentile tax bill is around $195, while the 75th percentile reaches up to $679. At the 90th percentile, the tax bill can go as high as $1,254. These figures illustrate how property taxes can significantly impact homeowners, depending on their property's assessed value and the applicable tax rate. It's noteworthy that the median property tax bill in Booneville is $386, which is relatively modest compared to the national median property tax rate of 0.99%. Homeowners in Booneville benefit from lower property tax bills, making it a more affordable location in terms of property taxes.
Average Booneville Tax Bill
$386
Average Scott County Tax Bill
$385
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Booneville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72927 | $76 | $195 | $386 | $679 | $1,254 |
Source: Ownwell