Central City, Arkansas Property Taxes
The median property tax rate in Central City, AR is 1.11%, considerably higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Central City at $87,175, the typical annual property tax bill reaches $816, which is below the national median of $2,690. Property taxes in Central City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Central City'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 Central City 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
Central City, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$968
$898
Ownwell’s Central City Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Central City using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Central City to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in exploring trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Central City, Arkansas
Property taxes in Central City, Arkansas, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Central City is 0.52%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Central City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Central City 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 Central City's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72116 zip code has the highest median property tax rate of 0.89%, while the 72461 zip code has the lowest median tax rate of 0.32%. Understanding how these cities compare with Central City provides valuable insights into the varying tax landscape across Sebastian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Central City Tax Rate
1.11%
Average Sebastian County Tax Rate
1.04%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Central City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72941 | 0.72% | 0.90% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Central City, Arkansas
In Central City, 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 Sebastian 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. Assessment notices in Central City 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 Central City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Central City, zip code 72941 has the highest median tax bill of $816, while the lowest median tax bill is also $816.
Average Central City Assessed Value
$87,175
Average Sebastian County Assessed Value
$104,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Central City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72941 | $11,535 | $40,775 | $87,175 | $143,112 | $178,255 |
Source: Ownwell
Property Tax Bills Across Central City, Arkansas
In Central City, Sebastian County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as property location, size, and any applicable exemptions or abatements can influence the assessed value and, consequently, the tax bill. For example, with a median home price of $87,175, homeowners in Central City might see tax bills ranging from $414 at the 25th percentile to $1,937 at the 90th percentile. The highest and lowest median tax bills in the area are both $816, reflecting the consistent tax rates across different properties. Compared to the national median property tax rate of 0.99%, Central City's property tax rates are relatively moderate, providing some financial relief to homeowners. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Central City Tax Bill
$816
Average Sebastian County Tax Bill
$994
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Central City, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72941 | $122 | $414 | $816 | $1,537 | $1,937 |
Source: Ownwell