Scotland, Arkansas Property Taxes
The median property tax rate in Scotland, AR is 0.88%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $46,500 in Scotland, the typical annual property tax bill amounts to $389, which is significantly below the national median of $2,690. Property taxes in Scotland are calculated based on the tax assessed value, which often falls below market value due to exemptions such as those for primary residences and agricultural properties. Navigating Scotland's property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you're in the heart of Scotland or another part of Van Buren County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Scotland, 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 Scotland Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Scotland. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Scotland to provide an estimated property tax bill. This valuable resource helps you understand your potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Scotland, Arkansas
Property taxes in Scotland, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scotland is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Scotland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scotland 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 Scotland's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72141 has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Scotland 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 Scotland Tax Rate
0.88%
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 Scotland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72141 | 0.68% | 0.86% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Scotland, Arkansas
In Scotland, 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 local 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 Scotland, 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 Scotland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 72141, with a median tax bill of $389.
Average Scotland Assessed Value
$46,500
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 Scotland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72141 | $12,160 | $27,450 | $46,500 | $81,988 | $126,505 |
Source: Ownwell
Property Tax Bills Across Scotland, Arkansas
In Scotland, located in Van Buren County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this region is $46,500. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill around $229 and the 75th percentile reaching $638. For those in the 90th percentile, tax bills can go up to $1,064. The assessed value is influenced by factors such as property size, location, and market conditions. Compared to the national median property tax rate of 0.99%, the property tax rate in Scotland offers a relatively moderate burden on homeowners. This variability in tax bills can significantly impact homeowners' annual budgets, making it crucial for them to understand how their property is assessed and what exemptions or appeals might be available to them. The highest and lowest median tax bills in the area both stand at $389, indicating some consistency in the tax rates within the zip code 72141.
Average Scotland Tax Bill
$389
Average Van Buren County Tax Bill
$534
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Scotland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72141 | $109 | $229 | $389 | $638 | $1,064 |
Source: Ownwell