Ben Lomond, Arkansas Property Taxes
The median property tax rate in Ben Lomond, AR is 0.86%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $39,150 in Ben Lomond, the typical annual property tax bill is $147, significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Ben Lomond'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 Ben Lomond or another part of Sevier County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ben Lomond, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$337
$312
Ownwell’s Ben Lomond Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Ben Lomond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ben Lomond to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by the county for property tax calculations, and it takes into account any applicable exemptions.
Property Tax Rates Across Ben Lomond, Arkansas
Property taxes in Ben Lomond, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ben Lomond is 0.86%, which is below the U.S. national median of 0.99%. Local government entities within Ben Lomond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ben Lomond 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 Ben Lomond's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71823 has the highest median property tax rate of 0.86%, while the same zip code has the lowest median tax rate of 0.86%. Understanding how these cities compare with Ben Lomond provides valuable insights into the varying tax landscape across Sevier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ben Lomond Tax Rate
0.86%
Average Sevier County Tax Rate
0.66%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ben Lomond, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71823 | 0.13% | 0.36% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Ben Lomond, Arkansas
In Ben Lomond, 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 Sevier 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 Ben Lomond, 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 Ben Lomond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Ben Lomond is $147 in the 71823 zip code, while the lowest is also $147 in the same zip code.
Average Ben Lomond Assessed Value
$39,150
Average Sevier County Assessed Value
$59,025
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ben Lomond, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71823 | $7,950 | $17,625 | $39,150 | $63,250 | $126,400 |
Source: Ownwell
Property Tax Bills Across Ben Lomond, Arkansas
In Ben Lomond, Sevier County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $39,150. Homeowners' tax bills can vary significantly, reflecting the range of property values and the specific circumstances of each property. For example, the 25th percentile tax bill is around $73, while the 75th percentile tax bill is $426, and the 90th percentile tax bill reaches $691. These figures indicate that while some homeowners might pay relatively low property taxes, others could face higher bills depending on their property's assessed value. The highest median tax bill in the area is $147, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Ben Lomond, providing financial relief compared to other regions with higher property tax rates.
Average Ben Lomond Tax Bill
$147
Average Sevier County Tax Bill
$344
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ben Lomond, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71823 | $31 | $73 | $147 | $426 | $691 |
Source: Ownwell