West Fork, Washington County, Arkansas Property Taxes
The median property tax rate in West Fork, Arkansas is 0.46%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in West Fork at $189,950, the typical annual property tax bill is $867, well below the national median of $2,690. Property taxes in West Fork 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 West Fork's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of West Fork 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
West Fork, Washington County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$874
$811
Ownwell’s West Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Fork 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 West Fork, Washington County, Arkansas
Property taxes in West Fork, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Fork is 0.46%, which is significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within West Fork set these rates annually, and they can vary across different neighborhoods. Each year, West Fork 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 West Fork's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72774 has the highest median property tax rate of 0.46%, while the same zip code also has the lowest median tax rate of 0.46%. Understanding how these cities compare with West Fork 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 West Fork 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 West Fork, Washington County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72774 | 0.17% | 0.31% | 0.46% | 0.66% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across West Fork, Washington County, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in West Fork, Arkansas. 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. 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 West Fork 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 both stand at $867, specifically in the 72774 zip code.
Property Tax Assessment Values Across West Fork, Washington County, Arkansas
Source: Ownwell
$93,250
$320,713
$548,175
Average West Fork Assessed Value
$189,950
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 West Fork, Washington County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72774 | $65,495 | $122,438 | $189,950 | $268,600 | $367,535 |
Source: Ownwell
Property Tax Bills Across West Fork, Washington County, Arkansas
In West Fork, Washington County, AR, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. For instance, with a median home price of $189,950, the property tax bill can range significantly. Homeowners in the 25th percentile pay around $418, while those in the 75th percentile face a bill of approximately $1,439. At the 90th percentile, tax bills can reach up to $2,256. The highest median tax bill recorded in the area is $867, which is notably lower than the national median property tax rate of 0.99%. These variations are influenced by factors such as property location, market trends, and local government budgets. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations and the overall cost of homeownership in West Fork.
Average West Fork Tax Bill
$867
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across West Fork, Washington County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72774 | $175 | $418 | $867 | $1,439 | $2,256 |
Source: Ownwell