Bono, Craighead County, Arkansas Property Taxes
Median Bono, AR effective property tax rate: 0.85%, slightly lower than the national median of 1.02%, but higher than the Arkansas state median of 0.84%.
Median Bono, AR home value: $137,440
Median annual Bono, AR tax bill: $1,112, $1,288 lower than the national median property tax bill of $2,400.
How are property taxes in Craighead County calculated?
Property taxes in Bono, AR are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Bono’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Bono, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Bono, Craighead County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.85%
Estimate Property Tax Bill
$1,168
$1,084
Property Tax Rates Across Bono, Craighead County, Arkansas
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Bono, located in Craighead County, Arkansas, the effective property tax rate stands at 0.85%. This rate is notably lower than the national median property tax rate of 1.02%, offering potential savings for property owners compared to other parts of the country. Within Arkansas, Bono's tax rate is consistent across the board, as the highest and lowest median tax rates in the area are the same. For residents, this means a predictable and stable property tax environment. Such stability can be appealing to homeowners and investors looking for a reliable financial landscape. Comparing Bono's rate to the national median, property owners in this region may find themselves at an advantage, enjoying lower tax burdens while still benefiting from the services funded by these taxes.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Bono Tax Rate
0.85%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Craighead County Tax Rate
0.83%
Median Effective Arkansas Tax Rate
0.84%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Bono, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | 0.59% | 0.73% | 0.85% | 0.91% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Bono, Craighead County, Arkansas
When examining property taxes in Bono, Arkansas, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Craighead County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Craighead County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Bono.
For example, the median home price in Bono is $137,440, with tax bills ranging significantly across the county. Zip code 72416 has the highest median home price at $137,440.
Property Tax Assessment Values Across Bono, Craighead County, Arkansas
Source: Ownwell
$52,730
$123,665
$194,600
Median Bono Market Value
$137,440
Median Craighead County Market Value
$151,595
Median Arkansas Market Value
$113,950
Median United States Market Value
$235,294
Property Tax Assessment Values Across Bono, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | $65,266 | $90,680 | $137,440 | $190,710 | $266,217 |
Source: Ownwell
Property Tax Bills Across Bono, Craighead County, Arkansas
In Bono, Craighead County, AR, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Bono face a median property tax bill of $1,112, which is significantly lower than the national median of $2,400. However, depending on the property's value and location, tax bills can vary widely, with some reaching up to $2,346 at the 90th percentile.
For homeowners, these taxes represent a significant expense, impacting monthly budgets and overall financial planning. By appealing their property assessments, homeowners can potentially reduce their tax bills. This is where Ownwell steps in. By leveraging expertise in property tax appeals and exemptions, Ownwell helps homeowners navigate the complexities of the tax system, ensuring they are not overpaying. With professional guidance, homeowners can achieve substantial savings on their property tax bills, easing their financial burden.
Median Bono Tax Bill
$1,112
Median Craighead County Tax Bill
$1,210
Median Arkansas Tax Bill
$877
Median United States Tax Bill
$2,400
Property Tax Bills Across Bono, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72416 | $463 | $710 | $1,112 | $1,604 | $2,346 |
Source: Ownwell