Smackover, Union County, Arkansas Property Taxes
The median property tax rate in Smackover, AR is 0.68%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $62,850 in Smackover, the typical annual property tax bill amounts to $402, which is well below the national median of $2,690. Property taxes in Smackover are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Smackover's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Smackover or another part of Union County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smackover, Union County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$427
$397
Ownwell’s SMACKOVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SMACKOVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SMACKOVER 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 Smackover, Union County, Arkansas
Property taxes in Smackover, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smackover is 0.68%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Smackover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smackover 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 Smackover's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71762 zip code has the highest median property tax rate of 0.68%, while the 71762 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Smackover 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 Smackover Tax Rate
0.68%
Average Union County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smackover, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71762 | 0.16% | 0.38% | 0.68% | 0.95% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Smackover, Union County, Arkansas
In Smackover, 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 Smackover, 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. The median home price in Smackover is $62,850, with tax bills ranging from $199 at the 25th percentile to $1,548 at the 90th percentile. The highest and lowest median tax bills are both $402 in the zip code 71762. 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 Smackover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Smackover, Union County, Arkansas
Source: Ownwell
$27,050
$52,425
$77,800
Average Smackover Assessed Value
$62,850
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 Smackover, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71762 | $18,970 | $34,700 | $62,850 | $113,075 | $204,750 |
Source: Ownwell
Property Tax Bills Across Smackover, Union County, Arkansas
Property tax bills in Smackover, Union County, Arkansas, are determined based on the assessed value of a property, which is a percentage of its market value. The median home price in Smackover is $62,850. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Smackover can expect a variety of tax bills, with the 25th percentile at $199, the 75th percentile at $748, and the 90th percentile reaching $1,548. The highest and lowest median tax bills in the area are both $402, indicating some consistency in property tax rates within the zip code 71762. Compared to the national median property tax rate of 0.99%, Smackover's tax rates may offer some relief to homeowners, potentially making it a more affordable place to own property. These property tax bills directly impact homeowners by influencing housing affordability and the overall cost of living in the area.
Average Smackover Tax Bill
$402
Average Union County Tax Bill
$378
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Smackover, Union County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71762 | $70 | $199 | $402 | $748 | $1,548 |
Source: Ownwell