Norphlet, Arkansas Property Taxes
The median property tax rate in Norphlet, AR is 0.65%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $65,375 in Norphlet, the typical annual property tax bill amounts to $375, significantly below the national median of $2,690. Property taxes in Norphlet are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Norphlet'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 Norphlet or another part of Union County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norphlet, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Norphlet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norphlet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norphlet 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 Norphlet, Arkansas
Property taxes in Norphlet, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norphlet is 0.65%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Norphlet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norphlet 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 Norphlet's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71759 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Norphlet 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 Norphlet Tax Rate
0.65%
Average Union County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norphlet, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71759 | 0.15% | 0.38% | 0.65% | 0.92% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Norphlet, Arkansas
In Norphlet, 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. In Norphlet, 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 Norphlet 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 71759, with a median tax bill of $375.
Average Norphlet Assessed Value
$65,375
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 Norphlet, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71759 | $22,125 | $34,625 | $65,375 | $109,875 | $197,180 |
Source: Ownwell
Property Tax Bills Across Norphlet, Arkansas
In Norphlet, Union County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Norphlet can expect tax bills to vary significantly, with the 25th percentile tax bill at $206 and the 75th percentile tax bill reaching $723. At the 90th percentile, tax bills can go as high as $1412, reflecting the variation in property values and assessments. The median home price in Norphlet is $65,375, which influences the overall tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Norphlet may find their tax rates to be relatively moderate. These taxes fund essential public services such as schools, road maintenance, and emergency services. For homeowners, understanding how their property tax bill is calculated can help them better manage their finances and anticipate annual expenses.
Average Norphlet Tax Bill
$375
Average Union County Tax Bill
$378
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Norphlet, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71759 | $107 | $206 | $375 | $723 | $1,412 |
Source: Ownwell