Fifty Six, Arkansas Property Taxes
The median property tax rate in Fifty Six, Arkansas is 0.72%, lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Fifty Six, the typical annual property tax bill amounts to $380, significantly below the national median of $2,690. Property taxes in Fifty Six are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fifty Six'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 Fifty Six 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
Fifty Six, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$412
$382
Ownwell’s FIFTY SIX Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in FIFTY SIX with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FIFTY SIX to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more granular details, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Fifty Six, Arkansas
Property taxes in Fifty Six, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fifty Six is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Fifty Six set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fifty Six 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 Fifty Six's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72533 has the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Fifty Six 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 Fifty Six Tax Rate
0.72%
Average Stone County Tax Rate
0.71%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fifty Six, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72533 | 0.49% | 0.61% | 0.72% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Fifty Six, Arkansas
In Fifty Six, 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 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 Fifty Six, 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. For example, the highest median tax bill in the area is $380 in zip code 72533, while the lowest is also $380 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fifty Six Assessed Value
$57,200
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 Fifty Six, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72533 | $8,275 | $27,562 | $57,200 | $96,425 | $152,975 |
Source: Ownwell
Property Tax Bills Across Fifty Six, Arkansas
In Fifty Six, 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. With a median home price of $57,200, the assessed value forms the foundation for determining the tax bill. Local tax rates, applied to this assessed value, ultimately decide the amount owed by homeowners. Factors influencing the tax bill include property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill is around $207, while the 75th percentile reaches $663, and the 90th percentile can go up to $1,052. These figures highlight the variability in tax burdens, influenced by property characteristics and local regulations. Compared to the national median property tax rate of 0.99%, homeowners in Fifty Six experience a relatively lower tax rate, making it a more affordable option for property ownership. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Fifty Six Tax Bill
$380
Average Stone County Tax Bill
$507
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Fifty Six, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72533 | $81 | $207 | $380 | $663 | $1,052 |
Source: Ownwell