Lake City, Craighead County, Arkansas Property Taxes
Median Lake City, AR effective property tax rate: 0.80%, significantly lower than the national median of 1.02%, but lower than the Arkansas state median of 0.84%. Median Lake City, AR home value: $100,618. Median annual Lake City, AR tax bill: $787, $1,613 lower than the national median property tax bill of $2,400.
How are property taxes in Craighead calculated? Property taxes in Lake City, 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 Lake City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lake City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lake City, Craighead County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.8%
Estimate Property Tax Bill
$805
$747
Property Tax Rates Across Lake City, Craighead County, Arkansas
Local government entities determine tax rates, leading to significant variations within a state. This is because each county annually calculates its required budget to fund essential services and divides it by the total assessed value of all taxable properties in its area. This calculation establishes the property tax rate. Although setting tax rates and budgets involves votes and laws, this is essentially the annual process.
Now, let's consider Lake City in Craighead County, Arkansas. Lake City's effective property tax rate offers a unique perspective when compared with other cities in Arkansas and the national landscape. Arkansas has a median property tax rate of 0.80%, which is lower than the national median of 1.02%. This makes Arkansas an attractive location for property owners seeking lower property tax obligations. By understanding these differences, property owners can make informed decisions about investments and potential savings.
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 Lake City Tax Rate
0.80%
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 Lake City, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72437 | 0.59% | 0.71% | 0.80% | 0.90% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Craighead County, Arkansas
When examining property taxes in Lake City, 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 Appraisal District 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 Lake City. For example, the median home price in Lake City is $100,618, with tax bills ranging significantly across the county. Zip code 72437 has the highest median home price at $100,618.
Property Tax Assessment Values Across Lake City, Craighead County, Arkansas
Source: Ownwell
$52,730
$123,665
$194,600
Median Lake City Market Value
$100,618
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 Lake City, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72437 | $43,979 | $74,442 | $100,618 | $155,776 | $206,142 |
Source: Ownwell
Property Tax Bills Across Lake City, Craighead County, Arkansas
In Lake City, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Craighead County, the median tax bill is considerably lower than the national median, with amounts ranging from $557 at the 25th percentile to $1,702 at the 90th percentile. This variance highlights the impact of home values and local tax rates on individual tax bills. Homeowners in Lake City may face financial challenges if their property taxes increase, affecting their overall housing affordability.
Ownwell offers valuable assistance to homeowners in Lake City by providing property tax appeal services. By analyzing property assessments and identifying discrepancies, Ownwell can help homeowners potentially reduce their tax bills. This service ensures that homeowners are not overpaying and can lead to significant savings, making homeownership more affordable and financially sustainable.
Median Lake City Tax Bill
$787
Median Craighead County Tax Bill
$1,210
Median Arkansas Tax Bill
$877
Median United States Tax Bill
$2,400
Property Tax Bills Across Lake City, Craighead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72437 | $341 | $557 | $787 | $1,217 | $1,702 |
Source: Ownwell