Big Flat, Arkansas Property Taxes
The median property tax rate in Big Flat, AR is 0.57%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $59,300 in Big Flat, the typical annual property tax bill comes to $288, which is well below the national median of $2,690. Property taxes in Big Flat are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Big Flat'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 Big Flat 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
Big Flat, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$338
Ownwell’s Big Flat Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Flat with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Flat 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 Big Flat, Arkansas
Property taxes in Big Flat, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Flat is 0.57%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Big Flat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Flat 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 Big Flat's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72617 zip code has the highest median property tax rate of 0.57%, while the 72617 zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Big Flat provides valuable insights into the varying tax landscape across Stone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Flat Tax Rate
0.57%
Average Stone County Tax Rate
0.71%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Flat, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72617 | 0.40% | 0.48% | 0.57% | 0.68% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Big Flat, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Big Flat, Arkansas. 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 Stone 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 Big Flat, 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 Big Flat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Big Flat is $288 in the 72617 zip code, which is also the lowest median tax bill, highlighting a consistent tax environment.
Average Big Flat Assessed Value
$59,300
Average Stone County Assessed Value
$77,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Flat, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72617 | $13,025 | $46,800 | $59,300 | $82,612 | $110,200 |
Source: Ownwell
Property Tax Bills Across Big Flat, Arkansas
Property tax bills in Big Flat, AR, are calculated based on the assessed value of a property, which is a percentage of its market value. In Stone County, where Big Flat is located, the assessed value is typically 20% of the market value. For instance, with a median home price of $59,300, the assessed value would be approximately $11,860. The property tax rate is then applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the market value, and consequently, the assessed value. For homeowners in Big Flat, the property tax bill can vary significantly. The 25th percentile tax bill is around $213, while the 75th percentile tax bill is approximately $436. At the 90th percentile, it can go up to $703. Compared to the national median property tax rate of 0.99%, Big Flat offers relatively affordable property taxes, which can be a financial relief for homeowners.
Average Big Flat Tax Bill
$288
Average Stone County Tax Bill
$507
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Flat, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72617 | $107 | $213 | $288 | $436 | $703 |
Source: Ownwell