Armorel, Arkansas Property Taxes
The median property tax rate in Armorel, Arkansas, is 0.84%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $211,488, the typical annual property tax bill in Armorel amounts to $1,557, which is significantly below the national median of $2,690. Property taxes in Armorel are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Armorel'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 Armorel or another part of Mississippi County, grasping the local property tax intricacies will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Armorel, 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 Armorel Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Armorel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Armorel 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 Armorel, Arkansas
Property taxes in Armorel, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Armorel is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Armorel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Armorel estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all assessed 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 Armorel's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72310 has both the highest and lowest median property tax rate of 0.84%. Understanding how these areas compare with Armorel provides valuable insights into the varying tax landscape across Mississippi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Armorel Tax Rate
0.84%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Armorel, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72310 | 0.61% | 0.68% | 0.84% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Armorel, Arkansas
In Armorel, 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 Mississippi County Assessor's Office 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 Armorel, 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 Armorel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Armorel is $1,557, with the zip code 72310 having the highest and lowest median tax bills.
Average Armorel Assessed Value
$211,488
Average Mississippi County Assessed Value
$66,110
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Armorel, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72310 | $102,072 | $145,154 | $211,488 | $275,252 | $339,918 |
Source: Ownwell
Property Tax Bills Across Armorel, Arkansas
In Armorel, Mississippi County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. For instance, the median home price in Armorel is $211,488. Depending on various factors such as property location and specific local tax rates, homeowners can expect to pay different amounts. At the 25th percentile, the tax bill is approximately $1,162, while at the 75th percentile, it rises to around $1,921. For those at the higher end, the 90th percentile tax bill can reach up to $2,492. The highest median tax bill in the area is $1,557, found in the zip code 72310. These taxes fund essential services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these factors as they significantly influence their annual financial planning.
Average Armorel Tax Bill
$1,557
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Armorel, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72310 | $829 | $1,162 | $1,557 | $1,921 | $2,492 |
Source: Ownwell