Junction City, Union County, Arkansas Property Taxes
The median property tax rate in Junction City, Arkansas is 0.54%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Junction City at $67,600, the typical annual property tax bill amounts to $333, well below the national median of $2,690. Property taxes in Junction City 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 Junction City'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 Junction City or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Junction City, Union County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$365
$339
Ownwell’s Junction City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Junction City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Junction City 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 Junction City, Union County, Arkansas
Property taxes in Junction City, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Junction City is 0.54%, which is notably lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Junction City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Junction City 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 Junction City's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71749 in Union County has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Junction City 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 Junction City Tax Rate
0.54%
Average Union County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Junction City, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71749 | 0.11% | 0.28% | 0.54% | 0.82% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Junction City, Union County, Arkansas
In Junction City, 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 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. 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 Junction City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Union County is 71749, both at $333.00.
Property Tax Assessment Values Across Junction City, Union County, Arkansas
Source: Ownwell
$27,050
$52,425
$77,800
Average Junction City Assessed Value
$67,600
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 Junction City, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71749 | $17,300 | $34,800 | $67,600 | $115,400 | $174,740 |
Source: Ownwell
Property Tax Bills Across Junction City, Union County, Arkansas
In Junction City, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. Factors considered in the assessment include the property's location, size, and any improvements or renovations. Homeowners in Junction City can expect a median home price of $67,600, with tax bills varying significantly across different percentiles. For instance, the 25th percentile tax bill is $131, while the 75th percentile tax bill is $649, and the 90th percentile tax bill reaches $1,207. The median tax bill in the area is $333, which is notably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable in Junction City, but it also means that funding for local services may be more limited compared to areas with higher property taxes.
Average Junction City Tax Bill
$333
Average Union County Tax Bill
$378
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Junction City, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71749 | $54 | $131 | $333 | $649 | $1,207 |
Source: Ownwell