Gravelly, Arkansas Property Taxes
The median property tax rate in Gravelly, AR is 0.89%, 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 Gravelly at $39,250, the typical annual property tax bill is $337, well below the national median of $2,690. Property taxes in Gravelly are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Gravelly'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 Gravelly 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
Gravelly, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$349
$324
Ownwell’s Gravelly Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gravelly. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Gravelly to provide an accurate estimate of your property tax bill. This user-friendly tool offers valuable insights into your potential tax obligations. For those interested in more granular data, you can explore neighborhood-level trends by scrolling down for additional localized information. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Gravelly, Arkansas
Property taxes in Gravelly, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gravelly is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Gravelly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gravelly 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 Gravelly's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72838 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Gravelly 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 Gravelly Tax Rate
0.89%
Average Yell County Tax Rate
0.90%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gravelly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72838 | 0.71% | 0.84% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Gravelly, Arkansas
In Gravelly, 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 Gravelly, 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 Gravelly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72838, with a median of $337.00.
Average Gravelly Assessed Value
$39,250
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 Gravelly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72838 | $5,150 | $18,398 | $39,250 | $72,462 | $98,400 |
Source: Ownwell
Property Tax Bills Across Gravelly, Arkansas
In Gravelly, located in Yell County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For example, with a median home price of $39,250, the assessed value is calculated and then multiplied by the local tax rate to determine the final tax bill. Factors such as property location, improvements, and market conditions influence the assessed value. Homeowners in Gravelly can expect varying tax bills. The 25th percentile tax bill is around $140, while the 75th percentile reaches up to $624. At the 90th percentile, the tax bill can be as high as $866. These figures indicate a range of tax burdens, reflecting differences in property values and assessments. Comparatively, the highest median tax bill in the area is $337, which is significantly lower than the national median property tax rate of 0.99%. This relatively low property tax burden can be beneficial for homeowners, making Gravelly an attractive place to own property.
Average Gravelly Tax Bill
$337
Average Yell County Tax Bill
$585
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gravelly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72838 | $40 | $140 | $337 | $624 | $866 |
Source: Ownwell