Mammoth Spring, Arkansas Property Taxes
The median property tax rate in Mammoth Spring, AR is 0.59%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Mammoth Spring at $85,800, the typical annual property tax bill is $458, well below the national median of $2,690. Property taxes in Mammoth Spring are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Mammoth Spring's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mammoth Spring 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
Mammoth Spring, 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 Mammoth Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mammoth Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mammoth Spring 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 Mammoth Spring, Arkansas
Property taxes in Mammoth Spring, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mammoth Spring is 0.59%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Mammoth Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mammoth Spring 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 Mammoth Spring's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72554 has both the highest and lowest median property tax rate in Sharp County at 0.59%. Understanding how these areas compare with Mammoth Spring provides valuable insights into the varying tax landscape across Sharp County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mammoth Spring Tax Rate
0.59%
Average Sharp County Tax Rate
0.61%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mammoth Spring, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72554 | 0.44% | 0.52% | 0.59% | 0.72% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Mammoth Spring, Arkansas
In Mammoth Spring, 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 Sharp 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 in Mammoth Spring 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. The median home price in Mammoth Spring is $85,800, with tax bills ranging from $244 at the 25th percentile to $1,188 at the 90th percentile. The zip code 72554 has the highest median tax bill at $458. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mammoth Spring Assessed Value
$85,800
Average Sharp County Assessed Value
$83,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mammoth Spring, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72554 | $20,630 | $40,100 | $85,800 | $150,050 | $223,280 |
Source: Ownwell
Property Tax Bills Across Mammoth Spring, Arkansas
In Mammoth Spring, Sharp County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in this region can expect a median property tax rate significantly lower than the national median of 0.99%. For instance, the median home price in Mammoth Spring is $85,800, and property tax bills can range from the 25th percentile at $244 to the 90th percentile at $1,188. The highest median tax bill in the area is $458, which is associated with the zip code 72554. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value and, subsequently, the tax bill. These property taxes play a crucial role in funding local services, including schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Mammoth Spring.
Average Mammoth Spring Tax Bill
$458
Average Sharp County Tax Bill
$481
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mammoth Spring, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72554 | $139 | $244 | $458 | $830 | $1,188 |
Source: Ownwell