Center Ridge, Arkansas Property Taxes
The median property tax rate in Center Ridge, Arkansas is 0.89%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Center Ridge at $50,400, the typical annual property tax bill is $448, significantly below the national median of $2,690. Property taxes in Center Ridge 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 Center Ridge'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 Center Ridge 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
Center Ridge, 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 Center Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Center Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Center Ridge 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 Center Ridge, Arkansas
Property taxes in Center Ridge, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Center Ridge is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Center Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Center Ridge 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 Center Ridge's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72027 has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with Center Ridge provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Center Ridge Tax Rate
0.89%
Average Van Buren County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Center Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72027 | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Center Ridge, Arkansas
In Center Ridge, 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 Van Buren 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 Center Ridge, 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 Center Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $448 in the 72027 zip code.
Average Center Ridge Assessed Value
$50,400
Average Van Buren County Assessed Value
$61,550
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Center Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72027 | $50,400 | $50,400 | $50,400 | $50,400 | $50,400 |
Source: Ownwell
Property Tax Bills Across Center Ridge, Arkansas
In Center Ridge, located in Van Buren County, AR, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the market value, which is determined through periodic assessments. The median home price in Center Ridge is $50,400. Property taxes are then calculated by applying the local tax rate to the assessed value. The median property tax bill in Center Ridge is $448, which is significantly lower than the national median property tax rate of 0.99%. This lower tax bill can be attributed to the relatively modest property values in the area. For homeowners, this means that property taxes are a manageable part of their annual expenses, making homeownership more affordable compared to other regions with higher property values and tax rates. However, it's important for homeowners to stay informed about their property's assessed value and any changes in local tax rates, as these factors directly impact their annual tax bill.
Average Center Ridge Tax Bill
$448
Average Van Buren County Tax Bill
$534
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Center Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72027 | $448 | $448 | $448 | $448 | $448 |
Source: Ownwell