72437 Property Tax Rate

Property owners in ZIP code 72437 (Lake City, Arkansas) pay a median of $861/year in property taxes on homes valued at $141,400. This translates to an effective tax rate of 0.61%, which is 6% above the Arkansas state average of 0.58%.

The monthly property tax burden for a median-valued home in 72437 is approximately $72, which factors into escrow payments on mortgages. This ZIP code is located within Craighead County.

Compared to similar ZIP codes in Arkansas, 72437 has lower property taxes. ZIP codes with similar effective rates include 71638 (0.61%) and 72004 (0.61%).

In Lake City, property taxes represent approximately 1.5% of the median household income of $58,177, providing context for the relative tax burden on homeowners in this area.

Arkansas has no statewide assessment cap; the Craighead County Assessor will reassess your property to market value at purchase, establishing a new tax base. Eligible seniors 65+ and disabled homeowners can claim the Homestead Property Tax Relief exemption to reduce assessed value — submit your application to the Craighead County Assessor within 30 days of closing. Contact the Craighead County Assessor to request the current assessed value and file any objections within 30 days of receiving the reassessment notice.