Rogers AR Tax Rate 2021: A Comprehensive Guide
Understanding the tax rate for Rogers, Arkansas in 2021 is crucial for both residents and businesses operating within the area. This guide will delve into the various aspects of the tax rate, including property taxes, sales taxes, and other relevant fees. By the end of this article, you should have a clearer understanding of the tax landscape in Rogers, Arkansas for the year 2021.
Property Taxes in Rogers, Arkansas 2021
Property taxes in Rogers, Arkansas are calculated based on the assessed value of your property. The assessed value is determined by the Arkansas Department of Finance and Administration (DFA) and is typically around 20% of the market value. Here’s a breakdown of the property tax rate for 2021:
| Property Type | Assessment Rate | Millage Rate | Effective Tax Rate |
|---|---|---|---|
| Residential | 20% | 44.5 mills | 8.9% |
| Commercial | 20% | 44.5 mills | 8.9% |
| Industrial | 20% | 44.5 mills | 8.9% |
The millage rate is the rate at which property taxes are levied. In Rogers, the millage rate for 2021 is 44.5 mills, which translates to an effective tax rate of 8.9% for residential, commercial, and industrial properties. This rate is used to fund local government services, schools, and other public entities.
Sales Taxes in Rogers, Arkansas 2021
Sales taxes in Rogers, Arkansas are determined by both state and local rates. The state sales tax rate is 6.5%, and the city of Rogers levies an additional 1% sales tax. Here’s a breakdown of the sales tax rate for 2021:
| Tax Type | Rate |
|---|---|
| State Sales Tax | 6.5% |
| Rogers City Sales Tax | 1% |
| Combined Sales Tax Rate | 7.5% |
It’s important to note that certain items are exempt from sales tax, such as food, prescription drugs, and clothing under $100. Additionally, some local jurisdictions may have additional sales tax rates for specific items or services.
Other Taxes in Rogers, Arkansas 2021
In addition to property and sales taxes, there are other taxes that may apply to residents and businesses in Rogers, Arkansas. Here are some of the key taxes to be aware of:
- Income Tax: Arkansas does not have a state income tax, but residents may be subject to federal income tax.
- Gas Tax: The state gas tax rate in Arkansas is $0.21 per gallon.
- Use Tax: A use tax is imposed on items purchased from out-of-state vendors that do not collect state sales tax.
It’s important to consult with a tax professional or the Arkansas Department of Finance and Administration for more detailed information on these taxes.
Conclusion
Understanding the tax rate in Rogers, Arkansas for 2021 is essential for making informed financial decisions. By familiarizing yourself with the property, sales, and other relevant taxes, you can better manage your finances and ensure compliance with tax laws. Always consult with a tax professional for personalized advice and assistance.