Tontitown, Arkansas Property Taxes
The median property tax rate in Tontitown, AR is 0.63%, which is significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $422,300 in Tontitown, the typical annual property tax bill reaches $2,827, surpassing the national median of $2,690. Property taxes in Tontitown are calculated based on the assessed value, which is generally lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tontitown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Tontitown or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tontitown, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$2,660
Ownwell’s Tontitown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tontitown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tontitown 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 Tontitown, Arkansas
Property taxes in Tontitown, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tontitown is 0.63%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Tontitown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tontitown 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 Tontitown's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 72762 zip code has the highest median property tax rate of 0.63%, while the 72704 zip code has the lowest median tax rate of 0.59%. Understanding how these areas compare with Tontitown 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 Tontitown Tax Rate
0.63%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tontitown, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72704 | 0.40% | 0.49% | 0.59% | 0.70% | 0.83% |
| 72762 | 0.45% | 0.56% | 0.63% | 0.87% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Tontitown, Arkansas
In Tontitown, 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 Tontitown, 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 Tontitown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,040 in the 72704 zip code, while the lowest median tax bill is $2,824 in the 72762 zip code.
Average Tontitown Assessed Value
$422,300
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 Tontitown, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72704 | $283,495 | $374,700 | $523,700 | $694,562 | $1,082,155 |
| 72762 | $248,150 | $333,238 | $421,175 | $482,212 | $683,075 |
Source: Ownwell
Property Tax Bills Across Tontitown, Arkansas
In Tontitown, Washington County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the median home price, which stands at $422,300, play a significant role in this calculation. Homeowners in Tontitown can expect a wide range of tax bills depending on their property’s assessed value. For instance, the tax bill at the 25th percentile is approximately $2,128, while at the 75th percentile, it rises to around $3,609. At the 90th percentile, homeowners might see tax bills as high as $4,544. Comparatively, the highest median tax bill in the nearby zip code 72704 is $3,040, and the lowest median tax bill in zip code 72762 is $2,824. These variations highlight how property taxes can significantly impact homeowners, depending on their home’s value and location within the county.
Average Tontitown Tax Bill
$2,827
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Tontitown, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72704 | $1,542 | $2,180 | $3,040 | $4,045 | $6,796 |
| 72762 | $1,259 | $2,130 | $2,824 | $3,605 | $4,523 |
Source: Ownwell