Smithville, Lawrence County, Arkansas Property Taxes
Median Smithville, AR effective property tax rate: 0.66%, significantly lower than the national median of 1.02%, but lower than the Arkansas state median of 0.84%.
Median Smithville, AR home value: $80,985
Median annual Smithville, AR tax bill: $537, $1,863 lower than the national median property tax bill of $2,400.
How are property taxes in Lawrence calculated?
Property taxes in Smithville, 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 Smithville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Smithville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Smithville, Lawrence County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.66%
Estimate Property Tax Bill
$535
$496
Property Tax Rates Across Smithville, Lawrence County, Arkansas
Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget for providing services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.
In Smithville, located in Lawrence County, Arkansas, the effective property tax rate is a reflection of this process. When compared to other cities in Arkansas, Smithville's rate provides insight into how local fiscal policies and property values interact. The median property tax rate in Arkansas is notably lower than the national median, which stands at 1.02%. This difference highlights the diverse economic landscapes and governmental needs across the U.S. Understanding these rates allows property owners to better comprehend their tax responsibilities and the factors influencing them.
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 Smithville Tax Rate
0.66%
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 Lawrence County Tax Rate
0.63%
Median Effective Arkansas Tax Rate
0.84%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Smithville, Lawrence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | 0.43% | 0.54% | 0.66% | 0.78% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Lawrence County, Arkansas
When examining property taxes in Smithville, 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 Lawrence 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 Lawrence 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 Smithville.
For example, the median home price in Smithville is $80,985, with tax bills ranging significantly across the county. Zip code 72466 has the highest median home price at $80,985.
Property Tax Assessment Values Across Smithville, Lawrence County, Arkansas
Source: Ownwell
$37,178
$67,033
$96,888
Median Smithville Market Value
$80,985
Median Lawrence County Market Value
$77,245
Median Arkansas Market Value
$113,950
Median United States Market Value
$235,294
Property Tax Assessment Values Across Smithville, Lawrence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | $23,010 | $45,190 | $80,985 | $122,380 | $195,855 |
Source: Ownwell
Property Tax Bills Across Smithville, Lawrence County, Arkansas
In Smithville, located in Lawrence County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The median home price in Smithville is $80,985, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as location, property condition, and improvements can influence the assessed value. The property tax bill can vary significantly, with the 25th percentile at $287 and the 75th percentile reaching $825. For homeowners, these taxes can impact overall housing affordability.
Ownwell assists homeowners by offering property tax appeal and exemption services, potentially lowering tax bills. By analyzing property assessments and identifying discrepancies, Ownwell helps ensure homeowners pay only their fair share. This service can be particularly beneficial in Smithville, where understanding and navigating property tax assessments can lead to significant savings. With expert guidance, homeowners can better manage their property tax obligations and reduce financial strain.
Median Smithville Tax Bill
$537
Median Lawrence County Tax Bill
$469
Median Arkansas Tax Bill
$877
Median United States Tax Bill
$2,400
Property Tax Bills Across Smithville, Lawrence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72466 | $134 | $287 | $537 | $825 | $1,231 |
Source: Ownwell