Mtn Home, Arkansas Property Taxes
The median property tax rate in Mountain Home, AR is 0.67%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Mountain Home at $29,300, the typical annual property tax bill reaches $195, significantly below the national median of $2,690. Property taxes in Mountain Home are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mountain Home'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 Mountain Home 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
Mtn Home, 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 Mtn Home Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mtn Home with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mtn Home 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 Mtn Home, Arkansas
Property taxes in Mountain Home, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mountain Home is 0.67%, lower than both the Arkansas state median of 0.63% and the U.S. national median of 0.99%. Local government entities within Mountain Home set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountain Home 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 Mountain Home's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72653 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Mountain Home provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mtn Home Tax Rate
0.67%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mtn Home, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72653 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Mtn Home, Arkansas
In Mountain Home, 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 Marion 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 Mountain Home, 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 Mountain Home helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $195 in the 72653 zip code, reflecting a consistent property tax landscape within the area.
Average Mtn Home Assessed Value
$29,300
Average Marion County Assessed Value
$88,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mtn Home, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72653 | $29,300 | $29,300 | $29,300 | $29,300 | $29,300 |
Source: Ownwell
Property Tax Bills Across Mtn Home, Arkansas
In Mountain Home, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the local assessor's office. For instance, with a median home price of $29,300, the tax bill for the 25th, 75th, and 90th percentiles all stand at $195. This consistency suggests a uniform rate applied across various property values within the city. Several factors influence the assessed value, including the property's location, size, and condition. These elements ensure that the tax burden is fairly distributed among homeowners. Compared to the national median property tax rate of 0.99%, Mountain Home's rate is significantly lower, making it an attractive option for those seeking affordable property taxes. For homeowners, this means manageable annual tax bills, contributing to the overall affordability of living in Mountain Home. This can be particularly beneficial for first-time buyers or retirees looking for a cost-effective place to settle down.
Average Mtn Home Tax Bill
$195
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mtn Home, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72653 | $195 | $195 | $195 | $195 | $195 |
Source: Ownwell