Marvell, Arkansas Property Taxes
The median property tax rate in Marvell, AR is 0.65%, 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 Marvell at $56,700, the typical annual property tax bill amounts to $382, significantly below the national median of $2,690. Property taxes in Marvell 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 Marvell'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 Marvell 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
Marvell, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Marvell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marvell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marvell 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 Marvell, Arkansas
Property taxes in Marvell, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marvell is 0.65%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Marvell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marvell 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 Marvell's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72366 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Marvell provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marvell Tax Rate
0.65%
Average Lee County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marvell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72366 | 0.44% | 0.47% | 0.65% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Marvell, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marvell, Arkansas. 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 Lee 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 Marvell, 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. The median home price in Marvell is $56,700, with tax bills ranging from $225 at the 25th percentile to $1,228 at the 90th percentile. The highest and lowest median tax bills, both at $382, are found in zip code 72366. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marvell Assessed Value
$56,700
Average Lee County Assessed Value
$41,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marvell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72366 | $48,520 | $50,200 | $56,700 | $90,750 | $183,330 |
Source: Ownwell
Property Tax Bills Across Marvell, Arkansas
In Marvell, located in Lee County, AR, property tax bills are determined based on the assessed value of a home, which is a percentage of the market value. The median home price in Marvell is $56,700. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $225 and the 75th percentile reaching $593. At the higher end, the 90th percentile tax bill is $1,228. The highest median tax bill in the region is $382, which is also the lowest median tax bill, indicating a consistent tax rate across different properties. Several factors influence the final tax bill, including the property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, the rates in Marvell can be more favorable for homeowners. This means that while property taxes are a necessary expense, they are relatively manageable in this region, potentially making homeownership more affordable compared to other areas with higher tax rates.
Average Marvell Tax Bill
$382
Average Lee County Tax Bill
$285
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Marvell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72366 | $217 | $225 | $382 | $593 | $1,228 |
Source: Ownwell