Overview of Arkansas Taxes
Arkansas has the third-lowest median property tax bill in the U.S. Meanwhile, the effective property tax rate across the Natural State is also among the lowest in the nation.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
Arkansas Property Taxes
In the state of Arkansas, residential property is taxed at the state, county, city and school district level. Taxes are based off the property’s appraised value, or market value.
Property taxes in Arkansas are lower than in most of the rest of the country. The majority of the state's counties have median annual property tax payments below $1,000. The statewide effective property tax rate (median property taxes paid divided by the median home value) is 0.52%.
Not having to worry about the difference in property taxes from county to county can help relieve some of the stress that comes with purchasing a home. Our Arkansas mortgage guide can also help you feel a little better about the home buying process by breaking down information about mortgage rates and other details in the Natural State.
A financial advisor can help you understand how homeownership fits into your overall financial goals. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
How Property Taxes Work in Arkansas
Property in Arkansas is regularly appraised by professional appraisers that are designated by the state. The appraised value is equal to the market value, which is the price of the house if it was to be sold on the open market. Tax rates, however, do not apply to appraised value, but rather to assessed value.
Assessed value is equal to 20% of the appraised value of a property. For example, a home that has a market value of $100,000 would have an assessed value of $20,000. So tax rates only apply to that $20,000.
One important note about assessed value in Arkansas is that it cannot increase by more than 5% in any one year. So even if the market value doubles, the assessed value can only increase by 5%.
Property Tax Rates in Arkansas
Tax rates in Arkansas are applied in terms of mills. A mill is equal to 1/1,000, or one tenth of a percent. So if your tax rate is 30 mills and your assessed value is $20,000, your property tax bill would be $600. That’s $20,000 x (30/1,000). The millage rates in Arkansas vary by county, city and school district.
Another way of looking at property taxes is the effective tax rate. This refers to the median annual property tax payment divided by the median property value. The table below shows effective property tax rates, as well as median property tax payments and home values, for a number of counties in Arkansas:
Want to learn more about your mortgage payments? Check out our mortgage calculator.
Pulaski County
Pulaski County, the most populous county in Arkansas, also has some of the highest property taxes in the state. The typical homeowner in Pulaski County pays $1,735 per year in property taxes, which works out to an effective property tax rate of 0.74%. That's the highest in Arkansas, but it's still below the 0.89% national median.
Benton County
Benton County, in the northwest corner of the state, encompasses the cities of Bentonville, Rogers and parts of Springdale. Typically, homeowners in Benton County pay $2,095 in property taxes every year. That's the highest median annual payment in the state.
Washington County
The median home value in Washington County is $348,300 and the typical homeowner pays $1,695 in property taxes annually. That’s good for an effective property tax rate of 0.49%.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Fayetteville can help you out.
Sebastian County
Sebastian County sits on the Arkansas River, along the state border with Oklahoma. Median property tax payments in the county are just $1,186 per year. The median home value in the county is $213,900, just below the statewide median of $215,600.
Faulkner County
Faulkner County is one of the most populous counties in Arkansas, but its effective property tax rate of 0.48% doesn't rank quite as high. The vast majority of property taxes in the county go to support local schools.
Saline County
Saline County sits between Little Rock and Hot Springs in Central Arkansas. Rates in the county depend on the city and the school district in which your house is located. The county’s effective property tax rate is 0.58%, while the typical homeowner pays just under $1,400 in real estate taxes.
Craighead County
The typical homeowner in Craighead County pays $1,253 annually in property taxes. The countywide effective property tax rate is 0.55%.
Garland County
The effective property tax rate in Garland County is 0.44%. That's around half the national average. So if your home’s market value is the county median of $224,200, you can expect to pay about $985 annually in property taxes.
White County
Property taxes in White County are significantly lower than in most of the country. The typical homeowner here pays just $685 a year in residential property taxes at an effective property tax rate of just 0.41%.
Jefferson County
Jefferson County, which is named after President Thomas Jefferson, has a property tax rate of 0.73%, just above the state average. The median annual property tax payment in the county is just $891.
