Elkins, Washington County, Arkansas Property Taxes
The median property tax rate in Elkins, AR is 0.55%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Elkins at $223,950, the typical annual property tax bill amounts to $1,244, which is well below the national median of $2,690. Property taxes in Elkins 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 Elkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Elkins 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
Elkins, Washington County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,232
$1,143
Ownwell’s Elkins Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Elkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkins to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Elkins, Washington County, Arkansas
Property taxes in Elkins, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkins is 0.55%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Elkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkins 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 Elkins's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72727 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Elkins provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkins Tax Rate
0.55%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkins, Washington County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72727 | 0.29% | 0.43% | 0.55% | 0.75% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Elkins, Washington County, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elkins, Arkansas. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Washington 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 Elkins, 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 Elkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Elkins is $223,950, with tax bills ranging from $782 at the 25th percentile to $2,614 at the 90th percentile. The zip code with the highest and lowest median tax bill, both at $1,244, is 72727.
Property Tax Assessment Values Across Elkins, Washington County, Arkansas
Source: Ownwell
$93,250
$320,713
$548,175
Average Elkins Assessed Value
$223,950
Average Washington County Assessed Value
$274,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkins, Washington County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72727 | $92,370 | $158,650 | $223,950 | $272,050 | $352,520 |
Source: Ownwell
Property Tax Bills Across Elkins, Washington County, Arkansas
In Elkins, Washington County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Typically, the assessed value is determined by the county assessor's office and reflects a fraction of the home's market price, in this case, $223,950. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the tax bill, including the home's location, size, and condition, as well as any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Elkins is $782, while the 75th percentile tax bill is $1,856, illustrating the range homeowners might expect based on their property's specifics. Higher tax bills, such as those in the 90th percentile at $2,614, can significantly impact homeowners, affecting their overall cost of living and financial planning. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax burdens.
Average Elkins Tax Bill
$1,244
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkins, Washington County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72727 | $366 | $782 | $1,244 | $1,856 | $2,614 |
Source: Ownwell