Morrilton, Arkansas Property Taxes
The median property tax rate in Morrilton, AR is 0.68%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Morrilton at $91,200, the typical annual property tax bill amounts to $633, significantly below the national median of $2,690. Property taxes in Morrilton are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morrilton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Morrilton or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morrilton, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$620
Ownwell’s Morrilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrilton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Morrilton, Arkansas
Property taxes in Morrilton, Arkansas, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrilton is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Morrilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrilton 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 Morrilton's effective property tax rate to other regions and the national median. For comparison, the 72110 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Morrilton provides valuable insights into the varying tax landscape across Conway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrilton Tax Rate
0.68%
Average Conway County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrilton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72110 | 0.20% | 0.42% | 0.68% | 0.98% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Morrilton, Arkansas
In Morrilton, 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 Conway County Assessor 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 Morrilton, 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 Morrilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $91,200, with tax bills ranging from $311 at the 25th percentile to $1,768 at the 90th percentile. The zip code 72110 has both the highest and lowest median tax bill, which is $633.
Average Morrilton Assessed Value
$91,200
Average Conway County Assessed Value
$84,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrilton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72110 | $30,950 | $55,250 | $91,200 | $155,388 | $228,175 |
Source: Ownwell
Property Tax Bills Across Morrilton, Arkansas
In Morrilton, Conway County, AR, property tax bills are calculated based on the assessed value of your home. The assessed value is derived from the market value, which is then multiplied by the assessment ratio set by the state. For example, if your home’s market value is $91,200, the assessed value will be a fraction of this amount as determined by local regulations. The property tax rate is then applied to the assessed value to determine your tax bill. In Morrilton, the median property tax rate is 0.99%, which aligns with the national median. For homeowners, this means a median tax bill of around $633. However, the actual tax bill can vary significantly. The 25th percentile tax bill is $311, while the 75th percentile reaches $1,080, and the 90th percentile can be as high as $1,768. These property taxes fund essential public services such as schools, infrastructure, and emergency services, impacting the quality of life and property values in the community.
Average Morrilton Tax Bill
$633
Average Conway County Tax Bill
$532
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrilton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72110 | $104 | $311 | $633 | $1,080 | $1,768 |
Source: Ownwell