Quitman, Arkansas Property Taxes
The median property tax rate in Quitman, 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 Quitman, the typical annual property tax bill reaches $624, significantly below the national median of $2,690. Property taxes in Quitman 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 Quitman'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 Quitman 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
Quitman, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$692
Ownwell's Quitman Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Quitman, Cleburne County, Arkansas, using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Quitman to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, more localized information is available below. 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 Quitman, Arkansas
Property taxes in Quitman, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Quitman is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Quitman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Quitman 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 Quitman's effective property tax rate to other counties in Arkansas and the national median. For comparison, the ZIP code 72131 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 areas compare with Quitman provides valuable insights into the varying tax landscape across Cleburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Quitman Tax Rate
0.67%
Average Cleburne County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Quitman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | 0.23% | 0.45% | 0.67% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Quitman, Arkansas
In Quitman, 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 Cleburne 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. Assessment notices in Quitman 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. For example, the median home price in Quitman is $103,332 with tax bills ranging from $260 at the 25th percentile to $2,557 at the 90th percentile. The zip code 72131 has the highest median tax bill at $624. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Quitman Assessed Value
$103,332
Average Cleburne County Assessed Value
$128,200
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Quitman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | $24,502 | $51,295 | $103,332 | $200,695 | $353,694 |
Source: Ownwell
Property Tax Bills Across Quitman, Arkansas
In Quitman, located in Cleburne County, AR, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value of the property. Once the assessed value is determined, local tax rates are applied to calculate the tax bill. For instance, with a median home price of $103,332, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $260, while at the 75th percentile, they can reach up to $1,339. In some cases, tax bills can go as high as $2,557, which falls in the 90th percentile. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated can help in budgeting and financial planning. Compared to the national median property tax rate of 0.99%, the property tax rates in Quitman offer a diverse range, impacting homeowners differently based on their property’s assessed value.
Average Quitman Tax Bill
$624
Average Cleburne County Tax Bill
$753
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Quitman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | $97 | $260 | $624 | $1,339 | $2,557 |
Source: Ownwell