72556 Property Tax Rate

Property owners in ZIP code 72556 (Melbourne, Arkansas) pay a median of $982/year in property taxes on homes valued at $173,600. This translates to an effective tax rate of 0.57%, which is near the Arkansas state average of 0.58%.

The monthly property tax burden for a median-valued home in 72556 is approximately $82, which factors into escrow payments on mortgages. This ZIP code is located within Izard County. This is $247 more than the Arkansas average of $735/year.

Compared to similar ZIP codes in Arkansas, 72556 has lower property taxes. ZIP codes with similar effective rates include 72701 (0.57%) and 72324 (0.57%).

In Melbourne, property taxes represent approximately 2.1% of the median household income of $46,452, providing context for the relative tax burden on homeowners in this area.

Arkansas has no statewide property tax cap; Izard County assessments reflect fair market value and can rise annually based on county appraisals. The Homestead Exemption provides a $4,500 exemption on assessed value for owner-occupied homes — file your claim with the Izard County Assessor immediately after closing. Request written confirmation of your exemption and check your Notice of Assessment to verify the reduction took effect.