Elm Springs, Arkansas Property Taxes
The median property tax rate in Elm Springs, AR is 0.61%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Elm Springs at $439,625, the typical annual property tax bill is $2,659, slightly below the national median of $2,690. Property taxes in Elm Springs are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Elm Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Elm Springs 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
Elm Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$2,682
Ownwell’s Elm Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elm Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elm Springs 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 Elm Springs, Arkansas
Property taxes in Elm Springs, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elm Springs is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Elm Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elm Springs 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 Elm Springs' effective property tax rate to other areas in Washington County and the national median. For comparison, the 72762 zip code has the highest median property tax rate of 0.61%, while the 72728 zip code has the lowest median tax rate of 0.56%. Understanding how these cities compare with Elm Springs 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 Elm Springs Tax Rate
0.61%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elm Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72728 | 0.55% | 0.55% | 0.56% | 0.56% | 0.56% |
| 72762 | 0.35% | 0.50% | 0.61% | 0.75% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Elm Springs, Arkansas
In Elm Springs, 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 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 Elm Springs, 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. For example, the zip code 72762 has the highest median tax bill at $2,663, while the zip code 72728 has the lowest at $1,469. 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 Elm Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elm Springs Assessed Value
$439,625
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 Elm Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72728 | $203,625 | $225,938 | $263,125 | $300,312 | $322,625 |
| 72762 | $167,470 | $261,150 | $439,700 | $611,625 | $738,705 |
Source: Ownwell
Property Tax Bills Across Elm Springs, Arkansas
In ELM SPRINGS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Washington County, where ELM SPRINGS is located, uses this assessed value to determine the property tax owed. Several factors influence the tax bill, including the home's location, its assessed value, and the tax rate set by local authorities. For instance, the median home price in ELM SPRINGS is $439,625. Homeowners at the 25th percentile can expect to pay around $1,381 in property taxes, while those at the 75th percentile may see bills as high as $3,988. The highest median tax bill in the area is $2,663 in zip code 72762, whereas the lowest is $1,469 in zip code 72728. These property taxes impact homeowners by contributing to local services and infrastructure, making it crucial for homeowners to understand how their tax bill is determined and how it compares to the national median property tax rate of 0.99%.
Average Elm Springs Tax Bill
$2,659
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Elm Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72728 | $1,122 | $1,252 | $1,469 | $1,685 | $1,815 |
| 72762 | $819 | $1,387 | $2,663 | $3,992 | $5,039 |
Source: Ownwell