Elkins, Franklin County, Arkansas Property Taxes

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.

Below, you can compare Elkins’ effective property tax rate to other cities in Arkansas and the median property tax rates in Arkansas and the U.S. Elkins, located in Franklin County, benefits from an effective property tax rate that is significantly lower than both the state and national medians. With the national median property tax rate at 1.02%, Elkins offers a more affordable option for homeowners, potentially reducing the financial burden associated with property ownership. This lower rate can be particularly appealing to those looking to maximize their investment in real estate while maintaining manageable living expenses. As property taxes are a key consideration in homeownership, understanding these rates can be crucial for current and prospective homeowners in evaluating the true cost of living in Elkins.

In Elkins, property tax bills are calculated based on the assessed value of a home. This value is typically a percentage of the property's market value, which in Elkins is influenced by factors such as location, property size, and market conditions. With a median home price of $63,000, property tax bills can vary significantly. The 25th percentile tax bill is around $52, while the 75th percentile reaches $423, and the 90th percentile is $529. These figures show that homeowners in Elkins can face a range of tax liabilities, depending on their property's assessed value and applicable tax rate.

Compared to the national median property tax bill of $2,400, Elkins homeowners generally pay less, but the impact on individual finances can still be significant. This is where Ownwell can make a difference. By providing property tax appeal and exemption services, Ownwell helps homeowners ensure their property is fairly assessed, potentially reducing their tax burden. With expert guidance, homeowners can navigate the complexities of property tax regulations and secure meaningful savings on their tax bills.