Wilmot, Arkansas Property Taxes
The median property tax rate in Wilmot, AR is 0.74%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Wilmot at $153,950, the typical annual property tax bill amounts to $709, significantly less than the national median of $2,690. Property taxes in Wilmot are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wilmot's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wilmot or another part of Chicot County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilmot, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,139
Ownwell’s Wilmot Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wilmot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmot to give you an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities effortlessly. For those interested in more granular data, you can explore trends at the neighborhood level by scrolling down for localized information. Your property's assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Wilmot, Arkansas
Property taxes in Wilmot, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmot is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Wilmot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmot estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Wilmot's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71676 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Wilmot provides valuable insights into the varying tax landscape across Chicot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilmot Tax Rate
0.74%
Average Chicot County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71676 | 0.29% | 0.60% | 0.74% | 0.77% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Wilmot, Arkansas
In Wilmot, Arkansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Chicot County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Wilmot, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Wilmot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $709.00, found in the 71676 zip code.
Average Wilmot Assessed Value
$153,950
Average Chicot County Assessed Value
$35,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilmot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71676 | $84,625 | $105,450 | $153,950 | $201,288 | $202,825 |
Source: Ownwell
Property Tax Bills Across Wilmot, Arkansas
In Wilmot, located in Chicot County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this region can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $577, while the 75th percentile reaches $1,267, and the 90th percentile can go up to $1,489. The highest and lowest median tax bills in the area are both $709, indicating a relatively stable tax environment within the zip code 71676. These tax bills are influenced by various factors, including the assessed value of the property and the local tax rate. For homeowners, this means that understanding the assessment process and keeping an eye on local tax rates is crucial. Compared to the national median property tax rate of 0.99%, Wilmot's rates can offer some relief, but the impact on individual homeowners can still be significant depending on their property's assessed value.
Average Wilmot Tax Bill
$709
Average Chicot County Tax Bill
$342
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71676 | $305 | $577 | $709 | $1,267 | $1,489 |
Source: Ownwell