Patterson, Arkansas Property Taxes
The median property tax rate in Patterson, Arkansas is 0.99%, aligning with the national median but higher than the Arkansas state median of 0.84%. With a median home value of $22,550, the typical annual property tax bill in Patterson is $174, significantly lower than the national median of $2,690. Property taxes in Patterson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Patterson'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 Patterson 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
Patterson, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$223
Ownwell’s PATTERSON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PATTERSON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PATTERSON 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 Patterson, Arkansas
Property taxes in Patterson, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patterson is 0.99%, aligning with both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Patterson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patterson 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 Patterson's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72123 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Patterson provides valuable insights into the varying tax landscape across Woodruff County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patterson Tax Rate
0.99%
Average Woodruff County Tax Rate
0.89%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patterson, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72123 | 0.23% | 0.91% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Patterson, Arkansas
In Patterson, 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 Woodruff 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 Patterson, 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. With a median home price of $22,550, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $86, while the 75th percentile tax bill is $233. The highest median tax bill in the area is $174 in the 72123 zip code. 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 Patterson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Patterson Assessed Value
$22,550
Average Woodruff County Assessed Value
$44,350
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patterson, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72123 | $6,475 | $13,900 | $22,550 | $38,150 | $66,850 |
Source: Ownwell
Property Tax Bills Across Patterson, Arkansas
In Patterson, located in Woodruff County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Patterson typically see their tax bills influenced by the local tax rate and the assessed value of their property. The median home price in Patterson is $22,550, and the property tax rate is relatively low compared to the national median of 0.99%. For instance, tax bills in the 25th percentile are around $86, while those in the 75th percentile can reach up to $233. At the higher end, the 90th percentile tax bills are approximately $411. These figures indicate that property taxes in Patterson are generally modest, which can be beneficial for homeowners, especially those on a fixed budget. The highest and lowest median tax bills in the area are both $174, indicating a fairly consistent tax burden across different properties. This consistency and affordability can make Patterson an attractive place for homeowners.
Average Patterson Tax Bill
$174
Average Woodruff County Tax Bill
$317
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Patterson, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72123 | $39 | $86 | $174 | $233 | $411 |
Source: Ownwell