Centerville, Arkansas Property Taxes
The median property tax rate in Centerville, Arkansas is 0.88%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Centerville at $171,050, the typical annual property tax bill is $1,233, well below the national median of $2,690. Property taxes in Centerville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Centerville'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 Centerville 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
Centerville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,505
Ownwell’s Centerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Centerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Centerville 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 Centerville, Arkansas
Property taxes in Centerville, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Centerville is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Centerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Centerville 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 Centerville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72829 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with Centerville provides valuable insights into the varying tax landscape across Yell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Centerville Tax Rate
0.88%
Average Yell County Tax Rate
0.90%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Centerville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72829 | 0.65% | 0.79% | 0.88% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Centerville, Arkansas
In Centerville, 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 Yell 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 Centerville, 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 Centerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is found in zip code 72829 at $1,233, while the lowest median tax bill is also in zip code 72829 at $1,233.
Average Centerville Assessed Value
$171,050
Average Yell County Assessed Value
$66,625
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Centerville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72829 | $61,400 | $130,025 | $171,050 | $176,900 | $182,210 |
Source: Ownwell
Property Tax Bills Across Centerville, Arkansas
In Centerville, Yell County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by a percentage of its market value. The local property tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $171,050, homeowners can expect their tax bill to vary significantly. At the 25th percentile, the tax bill is around $760, while at the 75th percentile, it climbs to approximately $1,528, and at the 90th percentile, it reaches about $1,578. Several factors influence these tax bills, including the property's location, size, and condition, as well as any applicable exemptions. Compared to the national median property tax rate of 0.99%, Centerville's tax rates can be considered moderate, impacting homeowners by adding a significant annual expense. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Centerville Tax Bill
$1,233
Average Yell County Tax Bill
$585
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Centerville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72829 | $388 | $760 | $1,233 | $1,528 | $1,578 |
Source: Ownwell