Colt, Arkansas Property Taxes
The median property tax rate in Colt, AR is 0.73%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Colt at $61,900, the typical annual property tax bill is $414, significantly below the national median of $2,690. Property taxes in Colt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Colt'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 Colt 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
Colt, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$452
$419
Ownwell’s COLT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COLT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COLT 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 Colt, Arkansas
Property taxes in Colt, Arkansas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Colt is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Colt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colt 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 Colt's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72326 has both the highest and lowest median property tax rate of 0.73%, highlighting a uniformity in the tax rate within this region. Understanding how these areas compare with Colt provides valuable insights into the varying tax landscape across St. Francis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colt Tax Rate
0.73%
Average St. Francis County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colt, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72326 | 0.43% | 0.56% | 0.73% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Colt, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Colt, Arkansas. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the St. Francis 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 Colt, 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 Colt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Colt is $414.00, found in zip code 72326.
Average Colt Assessed Value
$61,900
Average St. Francis County Assessed Value
$48,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colt, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72326 | $17,400 | $32,750 | $61,900 | $103,725 | $163,010 |
Source: Ownwell
Property Tax Bills Across Colt, Arkansas
In COLT, located in St. Francis County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this area experience property tax rates that are influenced by local tax levies and the county's budgetary needs. For a median home price of $61,900, the tax bill can vary significantly. The 25th percentile tax bill stands at $202, while the 75th percentile reaches $717, and the 90th percentile goes up to $1,146. These variations are due to factors such as property location, local school district funding requirements, and municipal services. The highest and lowest median tax bills in the area both stand at $414 in the zip code 72326, reflecting a relatively consistent rate within that region. Compared to the national median property tax rate of 0.99%, homeowners in COLT may find their tax rates to be more manageable, though the actual impact varies depending on individual property assessments and local fiscal policies.
Average Colt Tax Bill
$414
Average St. Francis County Tax Bill
$344
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Colt, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72326 | $88 | $202 | $414 | $717 | $1,146 |
Source: Ownwell