Goodwin, Arkansas Property Taxes
The median property tax rate in Goodwin, Arkansas is 0.88%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $41,400 in Goodwin, the typical annual property tax bill comes to $338, which is significantly lower than the national median of $2,690. Property taxes in Goodwin are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Goodwin'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 Goodwin or another part of St. Francis County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Goodwin, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$364
$338
Ownwell’s Goodwin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodwin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodwin 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 Goodwin, Arkansas
Property taxes in Goodwin, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodwin is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Goodwin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodwin 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 Goodwin's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72340 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Goodwin 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 Goodwin Tax Rate
0.88%
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 Goodwin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72340 | 0.56% | 0.82% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Goodwin, Arkansas
In Goodwin, 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 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. 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 Goodwin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72340 at $338.00, while the lowest is also 72340 at $338.00.
Average Goodwin Assessed Value
$41,400
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 Goodwin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72340 | $18,830 | $31,400 | $41,400 | $46,625 | $55,820 |
Source: Ownwell
Property Tax Bills Across Goodwin, Arkansas
In Goodwin, located in St. Francis County, AR, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. For homeowners, the median home price is $41,400. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and exemptions can influence the final amount. For instance, the tax bill for the 25th percentile is $199, while the 75th percentile sees a tax bill of $410. At the 90th percentile, homeowners can expect to pay around $477. These variations highlight how different factors and property values impact the tax bills. Compared to the national median property tax rate of 0.99%, Goodwin's property tax rates are relatively modest, making it a more affordable option for homeowners. Understanding these elements helps homeowners better anticipate their annual financial obligations.
Average Goodwin Tax Bill
$338
Average St. Francis County Tax Bill
$344
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodwin, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72340 | $127 | $199 | $338 | $410 | $477 |
Source: Ownwell