El Dorado, Union County, Arkansas Property Taxes
The median property tax rate in El Dorado, AR is 0.58%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in El Dorado at $77,800, the typical annual property tax bill is $415, well below the national median of $2,690. Property taxes in El Dorado 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 El Dorado'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 El Dorado 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
El Dorado, Union County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$451
$419
Ownwell’s El Dorado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in El Dorado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in El Dorado 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 El Dorado, Union County, Arkansas
Property taxes in El Dorado, Arkansas, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in El Dorado is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within El Dorado set these rates annually, and they can vary significantly across different neighborhoods. Each year, El Dorado 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 El Dorado's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71730 has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with El Dorado provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average El Dorado Tax Rate
0.58%
Average Union County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across El Dorado, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71730 | 0.14% | 0.34% | 0.58% | 0.80% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across El Dorado, Union County, Arkansas
In El Dorado, 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 Union 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 El Dorado, 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 El Dorado 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 71730, with a median bill of $415, while the lowest is also 71730, with the same median bill of $415.
Property Tax Assessment Values Across El Dorado, Union County, Arkansas
Source: Ownwell
$27,050
$52,425
$77,800
Average El Dorado Assessed Value
$77,800
Average Union County Assessed Value
$69,050
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across El Dorado, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71730 | $17,900 | $36,000 | $77,800 | $148,062 | $249,500 |
Source: Ownwell
Property Tax Bills Across El Dorado, Union County, Arkansas
In El Dorado, Union County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by a percentage of the market value. For instance, with a median home price of $77,800, the assessed value forms the basis for the tax rate application. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, the home's market value, and any applicable exemptions or deductions. For example, the 25th percentile of tax bills in El Dorado is around $169, while the 75th percentile stands at $877, and the 90th percentile reaches $1,626. These figures show how property tax bills can vary widely within the city. Homeowners in El Dorado should be aware that their property tax bills can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, the rates in El Dorado offer a perspective on the local tax burden relative to other regions.
Average El Dorado Tax Bill
$415
Average Union County Tax Bill
$378
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across El Dorado, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71730 | $64 | $169 | $415 | $877 | $1,626 |
Source: Ownwell