Greenwood, Sebastian County, Arkansas Property Taxes
The median property tax rate in Greenwood, AR is 0.98%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $122,500 in Greenwood, the typical annual property tax bill comes to $1,189, which is lower than the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Greenwood'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 Greenwood 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
Greenwood, Sebastian County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,201
$1,114
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Sebastian County, Arkansas
Property taxes in Greenwood, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood 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 Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72936 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Greenwood 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 Greenwood Tax Rate
0.98%
Average Sebastian County Tax Rate
1.04%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Sebastian County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72936 | 0.74% | 0.94% | 0.98% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Sebastian County, Arkansas
In Greenwood, 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 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 Greenwood, 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72936 in Greenwood has both the highest and lowest median tax bills, each at $1,189.
Property Tax Assessment Values Across Greenwood, Sebastian County, Arkansas
Source: Ownwell
$41,350
$117,283
$193,215
Average Greenwood Assessed Value
$122,500
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 Greenwood, Sebastian County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72936 | $47,865 | $83,700 | $122,500 | $169,012 | $236,335 |
Source: Ownwell
Property Tax Bills Across Greenwood, Sebastian County, Arkansas
Property tax bills in Greenwood, located in Sebastian County, AR, are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Greenwood, the median home price is $122,500. Property tax bills in this area can vary significantly, with the 25th percentile paying around $785 and the 75th percentile paying approximately $1,625 annually. At the higher end, the 90th percentile tax bill reaches $2,315. These property taxes are crucial for funding public services such as schools, infrastructure, and emergency services. Homeowners in Greenwood should be aware that their tax bill could be higher or lower depending on changes in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Greenwood's tax rates provide a localized perspective on the financial responsibilities of owning property in this Arkansas city.
Average Greenwood Tax Bill
$1,189
Average Sebastian County Tax Bill
$994
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Sebastian County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72936 | $442 | $785 | $1,189 | $1,625 | $2,315 |
Source: Ownwell