Caraway, Craighead County, Arkansas Property Taxes
Median Caraway, AR effective property tax rate: 0.84%, significantly lower than the national median of 1.02%, and equal to the Arkansas state median of 0.84%.
Median Caraway, AR home value: $64,850
Median annual Caraway, AR tax bill: $523, $1,877 lower than the national median property tax bill of $2,400.
How are property taxes in Craighead County calculated?
Property taxes in Caraway, 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 Caraway’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Caraway, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Caraway, Craighead County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.84%
Estimate Property Tax Bill
$545
$506
Property Tax Rates Across Caraway, Craighead County, Arkansas
Local government entities determine tax rates, which can significantly differ across a state. This variation arises because each county annually estimates the budget required to maintain services and divides it by the total value of all taxable property within its jurisdiction. This process establishes the property tax rate. Although votes and legislative measures influence the setting of tax rates and budgets, this is essentially the yearly procedure.
In Caraway, located in Craighead County, Arkansas, the effective property tax rate is a reflection of this process. When compared to other cities in Arkansas and the national median, Caraway's property tax rate offers a unique perspective on how local governance and economic conditions shape property taxes. The median property tax rate in Arkansas is below the national median, indicating a relatively more affordable property tax environment. This comparison highlights the importance of understanding local tax rates, which can significantly impact property owners' financial responsibilities.
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 Caraway Tax Rate
0.84%
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 Caraway, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | 0.60% | 0.72% | 0.84% | 0.97% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Caraway, Craighead County, Arkansas
When examining property taxes in Caraway, 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's Office 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 April. 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 Caraway. For example, the median home price in Caraway is $64,850, with tax bills ranging significantly across the county. Zip code 72419 has the highest median home price at $64,850.
Property Tax Assessment Values Across Caraway, Craighead County, Arkansas
Source: Ownwell
$52,730
$123,665
$194,600
Median Caraway Market Value
$64,850
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 Caraway, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | $21,147 | $41,680 | $64,850 | $104,710 | $153,338 |
Source: Ownwell
Property Tax Bills Across Caraway, Craighead County, Arkansas
Median Caraway Tax Bill
$523
Median Craighead County Tax Bill
$1,210
Median Arkansas Tax Bill
$877
Median United States Tax Bill
$2,400
Property Tax Bills Across Caraway, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72419 | $174 | $341 | $523 | $825 | $1,263 |
Source: Ownwell