Siloam Springs, Arkansas Property Taxes
The median property tax rate in Siloam Springs, AR is 0.46%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $231,875 in Siloam Springs, the typical annual property tax bill amounts to $1,060, far below the national median of $2,690. Property taxes in Siloam Springs are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Siloam Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Siloam Springs or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Siloam Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$1,067
$990
Ownwell’s Siloam Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Siloam Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Siloam 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 Siloam Springs, Arkansas
Property taxes in Siloam Springs, Arkansas, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Siloam Springs is 0.46%, which is lower than the U.S. national median of 0.99%. Local government entities within Siloam Springs set these rates annually, and they can vary across different neighborhoods. Each year, Siloam 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 Siloam Springs' effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72761 has both the highest and lowest median property tax rate of 0.46%. Understanding how these figures compare with Siloam 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 Siloam Springs Tax Rate
0.46%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Siloam Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72761 | 0.14% | 0.29% | 0.46% | 0.70% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Siloam Springs, Arkansas
In Siloam 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 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 Siloam 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. The median home price in Siloam Springs is $231,875, with tax bills varying significantly. For example, the 25th percentile tax bill is $570, while the 75th percentile tax bill is $1,809, and the 90th percentile tax bill reaches up to $2,600. The zip code 72761 has both the highest and lowest median tax bill at $1,060. 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 Siloam Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Siloam Springs, Arkansas
Source: Ownwell
$93,250
$320,713
$548,175
Average Siloam Springs Assessed Value
$231,875
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 Siloam Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72761 | $81,660 | $165,900 | $231,875 | $342,400 | $412,310 |
Source: Ownwell
Property Tax Bills Across Siloam Springs, Arkansas
In Siloam Springs, located in Washington County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Siloam Springs is $231,875. Property taxes are determined by multiplying the assessed value by the local tax rate. Homeowners in this area experience a range of property tax bills, with the 25th percentile paying around $570, while those in the 75th percentile pay approximately $1,809. At the higher end, the 90th percentile sees bills reaching up to $2,600. These property tax bills significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, the property tax burden in Siloam Springs can vary widely, reflecting differences in property values and local tax rates. For instance, the median tax bill in the 72761 zip code stands at $1,060, highlighting the variability within the region.
Average Siloam Springs Tax Bill
$1,060
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Siloam Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72761 | $173 | $570 | $1,060 | $1,809 | $2,600 |
Source: Ownwell