Marvell, Arkansas Property Taxes
The median property tax rate in Marvell, AR is 0.83%, slightly 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 $37,950, the typical annual property tax bill is $314, 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 significant 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
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$315
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marvell is 0.83%, which is below 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 areas in Monroe County and the national median. For comparison, the 72366 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Marvell provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marvell Tax Rate
0.83%
Average Monroe County Tax Rate
0.96%
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 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
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 Monroe 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 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. Being aware of these valuation processes in Marvell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Marvell are both $314, found in the zip code 72366.
Average Marvell Assessed Value
$37,950
Average Monroe County Assessed Value
$34,500
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 | $22,920 | $26,138 | $37,950 | $66,238 | $230,360 |
Source: Ownwell
Property Tax Bills Across Marvell, Arkansas
In Marvell, Monroe County, AR, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. Factors such as the property's location, size, and any improvements made to it are considered when determining its market value. For homeowners in Marvell, the median home price is $37,950. Property tax rates are then applied to this assessed value to calculate the annual tax bill. Homeowners in the 25th percentile can expect a tax bill around $216, while those in the 75th percentile may see bills closer to $548. At the 90th percentile, tax bills can reach up to $1,907. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Marvell's rates provide a relatively affordable option for homeowners, making it an attractive place for those looking to manage their property tax expenses effectively.
Average Marvell Tax Bill
$314
Average Monroe County Tax Bill
$356
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 | $190 | $216 | $314 | $548 | $1,907 |
Source: Ownwell