Fox, Arkansas Property Taxes
The median property tax rate in FOX, AR is 0.86%, slightly higher than the state median of 0.84% but below the national median of 0.99%. With a median home value of $81,750 in FOX, the typical annual property tax bill is around $700, significantly lower than the national median of $2,690. Property taxes in FOX are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Gaining a comprehensive understanding of FOX's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in FOX or another part of Van Buren County, being informed about the local property tax system can benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fox, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$703
$652
Ownwell’s FOX Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FOX with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FOX 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 Fox, Arkansas
Property taxes in FOX, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in FOX is 0.86%, slightly lower than the U.S. national median of 0.99%. Local government entities within FOX set these rates annually, and they can vary significantly across different neighborhoods. Each year, FOX 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 FOX's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72051 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with FOX 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 Fox Tax Rate
0.86%
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 Fox, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72051 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Fox, Arkansas
In FOX, 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 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 FOX, 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 FOX helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in FOX is $81,750, with the median tax bill being $700, regardless of the zip code. This uniform tax bill highlights the importance of understanding local property tax regulations and potential exemptions to ensure you are not overpaying.
Average Fox Assessed Value
$81,750
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 Fox, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72051 | $81,750 | $81,750 | $81,750 | $81,750 | $81,750 |
Source: Ownwell
Property Tax Bills Across Fox, Arkansas
Property tax bills in Fox, located in Van Buren County, AR, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by evaluating the property's market value and then applying the state’s assessment ratio. In Arkansas, the assessment ratio is 20%, meaning a home with a market value of $81,750 would have an assessed value of $16,350. This assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in the local tax rate. Homeowners in Fox can expect a median tax bill of $700, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax rate provides some financial relief to homeowners, making Fox an attractive location for property owners.
Average Fox Tax Bill
$700
Average Van Buren County Tax Bill
$534
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Fox, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72051 | $700 | $700 | $700 | $700 | $700 |
Source: Ownwell