West Memphis, Arkansas Property Taxes
The median property tax rate in West Memphis, AR is 0.87%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in West Memphis at $162,845, the typical annual property tax bill amounts to $1,423, which is below the national median of $2,690. Property taxes in West Memphis 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 West Memphis'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 West Memphis 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
West Memphis, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,417
Ownwell’s West Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Memphis 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 West Memphis, Arkansas
Property taxes in West Memphis, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Memphis is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within West Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Memphis 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 West Memphis's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72301 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with West Memphis provides valuable insights into the varying tax landscape across Crittenden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Memphis Tax Rate
0.87%
Average Cleburne County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Memphis, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72301 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across West Memphis, Arkansas
In West Memphis, 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 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 West Memphis, 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. With a median home price of $162,845, the highest and lowest median tax bills are both $1,423, found in the 72301 zip code. 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 West Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average West Memphis Assessed Value
$162,845
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 West Memphis, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72301 | $162,845 | $162,845 | $162,845 | $162,845 | $162,845 |
Source: Ownwell
Property Tax Bills Across West Memphis, Arkansas
Property tax bills in West Memphis, Cleburne County, AR, are calculated based on the assessed value of the property, which is a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In West Memphis, the median home price is $162,845, and the property tax rate is relatively low compared to the national median property tax rate of 0.99%. For homeowners in the area, the property tax bill remains consistent across different percentiles, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $1,423. This uniformity suggests a stable tax environment, making it easier for homeowners to predict and manage their annual expenses. The highest and lowest median tax bills in the area are also $1,423, indicating a lack of significant fluctuation in property tax bills across different neighborhoods within the 72301 zip code. This stability can be beneficial for homeowners planning long-term budgets.
Average West Memphis Tax Bill
$1,423
Average Cleburne County Tax Bill
$753
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across West Memphis, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72301 | $1,423 | $1,423 | $1,423 | $1,423 | $1,423 |
Source: Ownwell