Understanding the Property Tax Rate in Rogers, Arkansas

Property taxes are a significant financial consideration for homeowners in Rogers, Arkansas. The property tax rate is a crucial factor that determines the amount of tax you will pay on your property. In this article, we will delve into the details of the property tax rate in Rogers, Arkansas, providing you with a comprehensive understanding of how it works and what factors influence it.

What is the Property Tax Rate in Rogers, Arkansas?

The property tax rate in Rogers, Arkansas, is determined by the City of Rogers and Benton County. The rate is expressed as a percentage of the assessed value of your property. As of the latest available data, the property tax rate in Rogers is approximately $0.635 per $100 of assessed value. This means that if your property is assessed at $100,000, your property tax bill would be approximately $635.

How is the Assessed Value Determined?

The assessed value of your property is a critical component in calculating your property tax bill. It is determined by the Arkansas Assessment Coordination Department, which follows a specific formula. The formula takes into account the fair market value of your property, less any applicable exemptions or deductions. The fair market value is typically determined by comparing your property to similar properties in the area that have recently sold.

Here’s a breakdown of the formula used to calculate the assessed value:

Factors Influencing the Property Tax Rate

Several factors can influence the property tax rate in Rogers, Arkansas. Here are some of the key factors to consider:

• City and County Budgets: The property tax rate is often adjusted to fund city and county budgets. If there is a need for additional funding, the tax rate may increase.
• Property Values: As property values increase, the tax rate may also increase to maintain the same level of revenue for the city and county.
• Exemptions and Deductions: Certain exemptions and deductions can lower your assessed value and, consequently, your property tax bill. Examples include homestead exemptions, senior citizen exemptions, and property tax deductions for disabled veterans.
• Local Taxes: Rogers, Arkansas, has its own property tax rate, but residents also pay property taxes to Benton County. The combined tax rate is what determines your total property tax bill.

How to Calculate Your Property Tax Bill

Calculating your property tax bill is relatively straightforward. Here’s the formula:

Property Tax Bill = Assessed Value x Property Tax Rate

For example, if your property is assessed at $100,000 and the property tax rate is $0.635 per $100 of assessed value, your property tax bill would be:

Property Tax Bill = $100,000 x $0.635 = $63,500

Understanding Property Tax Exemptions and Deductions

Property tax exemptions and deductions can significantly impact your property tax bill. Here are some common exemptions and deductions available in Rogers, Arkansas:

• Homestead Exemption: This exemption reduces the assessed value of your primary residence by a certain percentage, typically 10% to 20%, depending on the county.
• Senior Citizen Exemption: Qualified senior citizens may be eligible for a property tax exemption that reduces their assessed value by a certain percentage.
• Disabled Veteran Exemption: Disabled veterans may be eligible for a property tax exemption that reduces their assessed value by a certain percentage.
• Property Tax Deduction: Qualified homeowners may be eligible for a property tax deduction that reduces their taxable income, thereby lowering their property tax bill.

Conclusion

Understanding the property tax rate in Rogers, Arkansas, is essential for homeowners to manage their finances effectively