Drasco, Arkansas Property Taxes
The median property tax rate in Drasco, AR is 0.78%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $73,850 in Drasco, the typical annual property tax bill amounts to $554, significantly less than the national median of $2,690. Property taxes in Drasco are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Drasco'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 Drasco or another part of Stone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drasco, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$576
Ownwell’s Drasco Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Drasco using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drasco to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed information at a neighborhood level, additional localized insights are available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Drasco, Arkansas
Property taxes in Drasco, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drasco is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Drasco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drasco 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. Understanding how Drasco's effective property tax rate compares to other areas in Stone County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drasco Tax Rate
0.78%
Average Stone County Tax Rate
0.71%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drasco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72530 | 0.66% | 0.71% | 0.78% | 0.87% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Drasco, Arkansas
In Drasco, 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 Stone 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 Drasco, 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 Drasco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Drasco's median home price is $73,850, with tax bills ranging from $255 at the 25th percentile to $1,415 at the 90th percentile. The highest and lowest median tax bills are both $554 in the 72530 zip code.
Average Drasco Assessed Value
$73,850
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 Drasco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72530 | $12,800 | $29,150 | $73,850 | $116,850 | $170,350 |
Source: Ownwell
Property Tax Bills Across Drasco, Arkansas
In Drasco, located in Stone 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 Drasco is $73,850. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, the tax bill ranges from the 25th percentile at $255 to the 90th percentile at $1,415, reflecting variations in property values and exemptions. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Drasco may see different tax bills based on these variables. Compared to the national median property tax rate of 0.99%, Drasco’s tax rates can result in relatively lower or higher bills, impacting homeowners' annual budgets. Understanding these factors helps homeowners anticipate their property tax obligations and plan accordingly.
Average Drasco Tax Bill
$554
Average Stone County Tax Bill
$507
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Drasco, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72530 | $117 | $255 | $554 | $935 | $1,415 |
Source: Ownwell