Gosnell, Arkansas Property Taxes
The median property tax rate in Gosnell, AR is 0.85%, slightly higher than the Arkansas state median of 0.84% but still below the national median of 0.99%. With a median home value of $63,350 in Gosnell, the typical annual property tax bill amounts to $487, significantly lower than the national median of $2,690. Property taxes in Gosnell are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Gosnell'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 Gosnell 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
Gosnell, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$538
Ownwell’s Gosnell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gosnell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gosnell 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 Gosnell, Arkansas
Property taxes in Gosnell, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gosnell is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Gosnell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gosnell 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 Gosnell's effective property tax rate to other areas in Mississippi County and the national median. For comparison, the 72315 zip code has the highest median property tax rate of 0.85%, while the 72370 zip code has the lowest median tax rate of 0.59%. Understanding how these areas compare with Gosnell 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 Gosnell Tax Rate
0.85%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gosnell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72315 | 0.77% | 0.81% | 0.85% | 0.85% | 0.85% |
| 72316 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| 72370 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Gosnell, Arkansas
In Gosnell, 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 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 Gosnell, 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. For instance, the highest median tax bill in the area is $712 in zip code 72315, while the lowest is $102 in zip code 72316. 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 Gosnell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gosnell Assessed Value
$63,350
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 Gosnell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72315 | $18,169 | $44,202 | $83,370 | $109,055 | $171,233 |
| 72316 | $11,731 | $11,822 | $11,975 | $12,128 | $12,219 |
| 72370 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 |
Source: Ownwell
Property Tax Bills Across Gosnell, Arkansas
In Gosnell, Mississippi County, AR, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions. Homeowners in Gosnell typically see a range of property tax bills. For instance, the tax bill at the 25th percentile is $145, while at the 75th percentile, it is $852. At the 90th percentile, homeowners might pay up to $1,095. The highest median tax bill in the region is $712 in the 72315 zip code, whereas the lowest is $102 in the 72316 zip code. Comparatively, the national median property tax rate is 0.99%, making Gosnell's property taxes relatively moderate. These tax bills significantly impact homeowners by influencing their annual budget and long-term financial planning.
Average Gosnell Tax Bill
$487
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gosnell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72315 | $155 | $364 | $712 | $931 | $1,323 |
| 72316 | $100 | $101 | $102 | $104 | $104 |
| 72370 | $82 | $82 | $82 | $82 | $82 |
Source: Ownwell