Timbo, Arkansas Property Taxes
The median property tax rate in Timbo, AR is 0.67%, 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 Timbo at $65,300, the typical annual property tax bill is around $409, significantly below the national median of $2,690. Property taxes in Timbo 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 Timbo'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 Timbo 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
Timbo, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$438
$406
Ownwell’s Timbo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timbo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timbo 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 Timbo, Arkansas
Property taxes in Timbo, Arkansas, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Timbo is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Timbo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timbo 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 Timbo's effective property tax rate compares to other areas within 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 Timbo Tax Rate
0.67%
Average Stone County Tax Rate
0.71%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Timbo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72680 | 0.46% | 0.57% | 0.67% | 0.72% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Timbo, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Timbo, 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 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 Timbo, 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 Timbo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Interestingly, the zip code 72680 in Timbo has both the highest and lowest median tax bill at $409. By comparing these values with the national median property tax rate of 0.99%, homeowners can gain a clearer perspective on their tax obligations.
Average Timbo Assessed Value
$65,300
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 Timbo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72680 | $10,620 | $32,725 | $65,300 | $113,312 | $167,960 |
Source: Ownwell
Property Tax Bills Across Timbo, Arkansas
In Timbo, located in Stone County, AR, property tax bills are calculated based on the assessed value of a property, which is determined by the Stone County Assessor's Office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to arrive at the annual tax bill. For homeowners in Timbo, the median home price is $65,300. Property tax bills can vary significantly, with the 25th percentile tax bill at $210 and the 75th percentile reaching $742. At the 90th percentile, homeowners could see tax bills as high as $1,066. These variations are influenced by factors such as property size, location, and any applicable exemptions. Comparatively, Timbo's property tax rates are quite favorable when juxtaposed with the national median property tax rate of 0.99%. Lower property tax bills can make homeownership more affordable, benefiting residents by reducing their annual financial burden.
Average Timbo Tax Bill
$409
Average Stone County Tax Bill
$507
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Timbo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72680 | $98 | $210 | $409 | $742 | $1,066 |
Source: Ownwell