Gilmore, Arkansas Property Taxes
The median property tax rate in Gilmore, AR is 1.03%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Gilmore, the typical annual property tax bill reaches $289, which is significantly lower than the national median of $2,690. Property taxes in Gilmore are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gilmore'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 Gilmore or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gilmore, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$307
Ownwell’s Gilmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilmore 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 Gilmore, Arkansas
Property taxes in Gilmore, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilmore is 0.61%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Gilmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilmore 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 Gilmore's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72339 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Gilmore provides valuable insights into the varying tax landscape across Crittenden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilmore Tax Rate
1.03%
Average Crittenden County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilmore, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72339 | 0.81% | 1.01% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Gilmore, Arkansas
In Gilmore, 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 Crittenden 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 Gilmore, 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 Gilmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gilmore is $29,850, with the highest median tax bill of $289 in zip code 72339.
Average Gilmore Assessed Value
$29,850
Average Crittenden County Assessed Value
$81,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilmore, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72339 | $5,475 | $11,750 | $29,850 | $44,486 | $66,575 |
Source: Ownwell
Property Tax Bills Across Gilmore, Arkansas
In Gilmore, located in Crittenden County, AR, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. Homeowners in Gilmore face property tax rates that are influenced by local government budgets and services. The median home price in Gilmore stands at $29,850, which is relatively low compared to national averages. The property tax bill for a typical homeowner in Gilmore can vary significantly. For instance, those in the 25th percentile pay around $113 annually, while those in the 75th percentile see bills closer to $448. At the 90th percentile, the tax bill can reach up to $676. These figures highlight the range of tax burdens experienced by residents, depending on their property's assessed value and specific location within the city. This variability in property tax bills can significantly impact homeowners, influencing their financial planning and the overall affordability of homeownership in the area. By understanding these factors, homeowners can better anticipate their annual tax obligations and budget accordingly.
Average Gilmore Tax Bill
$289
Average Crittenden County Tax Bill
$662
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilmore, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72339 | $54 | $113 | $289 | $448 | $676 |
Source: Ownwell