Wiseman, Arkansas Property Taxes
The median property tax rate in Wiseman, AR is 0.76%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $62,200 in Wiseman, the typical annual property tax bill is around $462, significantly below the national median of $2,690. Property taxes in Wiseman are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wiseman's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wiseman 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
Wiseman, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$473
Ownwell’s Wiseman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wiseman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wiseman 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 Wiseman, Arkansas
Property taxes in Wiseman, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wiseman is 0.76%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Wiseman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wiseman 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 Wiseman's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72587 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Wiseman provides valuable insights into the varying tax landscape across Izard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wiseman Tax Rate
0.76%
Average Izard County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wiseman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72587 | 0.18% | 0.42% | 0.76% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Wiseman, Arkansas
In Wiseman, 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 Izard 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 Wiseman, 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. The median home price in the area is $62,200, with tax bills ranging from $227 at the 25th percentile to $873 at the 90th percentile. 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 Wiseman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wiseman Assessed Value
$62,200
Average Izard County Assessed Value
$60,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wiseman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72587 | $16,230 | $38,450 | $62,200 | $105,750 | $148,480 |
Source: Ownwell
Property Tax Bills Across Wiseman, Arkansas
In Wiseman, located in Izard County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Wiseman is $62,200. Property taxes are determined by multiplying the assessed value by the local tax rate. For homeowners, this means the annual property tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $227, while at the 75th percentile, it rises to $658, and at the 90th percentile, it reaches $873. These figures indicate that while some homeowners may pay relatively low property taxes, others could face higher bills depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Wiseman's property tax rates can be seen as relatively moderate, offering some financial relief to homeowners in the region.
Average Wiseman Tax Bill
$462
Average Izard County Tax Bill
$375
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wiseman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72587 | $75 | $227 | $462 | $658 | $873 |
Source: Ownwell