71653 Property Tax Rate

Property owners in ZIP code 71653 (Lake Village, Arkansas) pay a median of $944/year in property taxes on homes valued at $148,500. This translates to an effective tax rate of 0.64%, which is 10% above the Arkansas state average of 0.58%.

The monthly property tax burden for a median-valued home in 71653 is approximately $79, which factors into escrow payments on mortgages. This ZIP code is located within Chicot County. This is $209 more than the Arkansas average of $735/year.

Compared to similar ZIP codes in Arkansas, 71653 has lower property taxes. ZIP codes with similar effective rates include 72414 (0.64%) and 72023 (0.64%).

In Lake Village, property taxes represent approximately 1.5% of the median household income of $61,375, providing context for the relative tax burden on homeowners in this area.

Arkansas reassesses to market value at sale with no annual increase cap, so your assessed value will be set at the purchase price on your first tax bill. Chicot County offers the Homestead Property Tax Credit for qualifying low-income primary residences (income limit $27,000); apply with the Chicot County Assessor or the Arkansas Department of Finance and Administration before the annual filing deadline. Request the Homestead Property Tax Credit application from the Chicot County Assessor and file before the state deadline if your household income qualifies.