Walcott, Arkansas Property Taxes
The median property tax rate in Walcott, AR is 0.71%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Walcott, the typical annual property tax bill reaches $1,369, which is below the national median of $2,690. Property taxes in Walcott 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 Walcott'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 Walcott 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
Walcott, 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 Walcott Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walcott with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Walcott to provide an accurate estimate of your property tax bill. This user-friendly tool helps you gauge potential tax liabilities and plan your finances accordingly. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down for localized information. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Walcott, Arkansas
Property taxes in Walcott, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walcott is 0.71%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Walcott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walcott 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 Walcott's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72474 zip code has the highest median property tax rate of 0.71%, while the same zip code has the lowest median tax rate of 0.71%. Understanding how these cities compare with Walcott provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walcott Tax Rate
0.71%
Average Greene County Tax Rate
0.84%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walcott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72474 | 0.68% | 0.69% | 0.71% | 0.74% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Walcott, Arkansas
In Walcott, 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 Greene 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 Walcott, 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 Walcott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72474 at $1,369, while the lowest is also 72474 at $1,369.
Average Walcott Assessed Value
$45,850
Average Greene County Assessed Value
$101,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walcott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72474 | $9,170 | $22,925 | $45,850 | $183,400 | $265,930 |
Source: Ownwell
Property Tax Bills Across Walcott, Arkansas
In Walcott, AR, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is a percentage of the market value of your property, and this value is then multiplied by the local tax rate to determine your tax bill. In Greene County, the median home price is $45,850, which influences the tax bills significantly. The tax bill at the 25th percentile is $839, while at the 75th percentile, it rises to $1,899, and at the 90th percentile, it reaches $2,217. These figures indicate how property taxes can vary widely depending on the value of the property. For homeowners, this means that understanding the assessed value and the local tax rate is crucial in anticipating their annual tax obligations. Comparatively, the national median property tax rate is 0.99%, and these variations in Walcott highlight the importance of local assessments and rates in determining property tax bills.
Average Walcott Tax Bill
$1,369
Average Greene County Tax Bill
$820
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Walcott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72474 | $521 | $839 | $1,369 | $1,899 | $2,217 |
Source: Ownwell