Prairie Grove, Arkansas Property Taxes
The median property tax rate in Prairie Grove, AR is 0.56%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Prairie Grove at $243,900, the typical annual property tax bill is $1,382, which is below the national median of $2,690. Property taxes in Prairie Grove are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Prairie Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Prairie Grove or another part of the city, navigating the local property tax landscape effectively will be beneficial.
Last Updated June 14, 2024
Prairie Grove, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,366
Ownwell’s Prairie Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie Grove 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 Prairie Grove, Arkansas
Property taxes in Prairie Grove, Arkansas, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie Grove is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Prairie Grove set these rates annually, and they can vary across different neighborhoods. Each year, Prairie Grove 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 Prairie Grove's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72753 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these figures compare with Prairie Grove 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 Prairie Grove Tax Rate
0.56%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72753 | 0.28% | 0.43% | 0.56% | 0.74% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Prairie Grove, Arkansas
In Prairie Grove, 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. 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 Prairie Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1382, found in the 72753 zip code.
Average Prairie Grove Assessed Value
$243,900
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 Prairie Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72753 | $109,480 | $175,800 | $243,900 | $309,200 | $388,330 |
Source: Ownwell
Property Tax Bills Across Prairie Grove, Arkansas
In Prairie Grove, Washington County, AR, property tax bills are calculated based on the assessed value of a property, which is typically a fraction of its market value. Homeowners' tax bills are determined by multiplying the assessed value by the local tax rate. The median home price in Prairie Grove is $243,900, and local tax bills can vary significantly within the city. For instance, the 25th percentile tax bill is around $829, while the 75th percentile reaches $1,982, and the 90th percentile can go as high as $2,870. These variations are influenced by factors such as property location, improvements, and exemptions. The local tax rate in Prairie Grove is relatively moderate compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as property taxes directly impact annual financial obligations. Higher tax bills can affect affordability and long-term financial planning, making it essential for homeowners to stay informed about how their property is assessed and taxed.
Average Prairie Grove Tax Bill
$1,382
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72753 | $384 | $829 | $1,382 | $1,982 | $2,870 |
Source: Ownwell