![]() ![]() One important note about assessed value in Arkansas is that it cannot increase by more than 5% in any one year. For example, a home that has a market value of $100,000 would have an assessed value of $20,000. Tax rates, however, do not apply to appraised value, but rather to assessed value.Īssessed value is equal to 20% of the appraised value of a property. ![]() 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. Property in Arkansas is regularly appraised by professional appraisers that are designated by the state. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. 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.Ī financial advisor can help you understand how homeownership fits into your overall financial goals. 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. ![]() The statewide average effective property tax rate is 0.57%. The majority of the state's counties have median annual property tax payments below $800. Property taxes in Arkansas are lower than in most of the rest of the country. Taxes are based off the property’s appraised value, or market value. In the state of Arkansas, residential property is taxed at the state, county, city and school district level. Arkansas Property Taxes Photo credit: ©/Natalia Bratslavsky ![]()
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