Gillett, Arkansas Property Taxes
The median property tax rate in Gillett, Arkansas is 0.56%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Gillett at $43,400, the typical annual property tax bill is $220, far below the national median of $2,690. Property taxes in Gillett 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 Gillett'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 Gillett 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
Gillett, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$243
Ownwell’s Gillett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gillett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gillett 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 Gillett, Arkansas
Property taxes in Gillett, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gillett is 0.56%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Gillett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gillett 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 Gillett's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72055 zip code has the highest median property tax rate of 0.56%, while the same 72055 zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Gillett provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gillett Tax Rate
0.56%
Average Jefferson County Tax Rate
0.73%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gillett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72055 | 0.25% | 0.44% | 0.56% | 0.86% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Gillett, Arkansas
In Gillett, 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 Jefferson 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 Gillett, 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 Gillett is $43,400, with tax bills ranging from $99 at the 25th percentile to $871 at the 90th percentile. The highest and lowest median tax bills, both $220, are found in the 72055 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 Gillett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gillett Assessed Value
$43,400
Average Jefferson County Assessed Value
$69,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gillett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72055 | $15,710 | $20,150 | $43,400 | $83,400 | $96,500 |
Source: Ownwell
Property Tax Bills Across Gillett, Arkansas
In Gillett, Jefferson County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the home's market value. Homeowners in Gillett can expect their tax bills to vary significantly, with the 25th percentile paying around $99 and the 75th percentile paying up to $677. At the 90th percentile, tax bills can reach approximately $871. These figures illustrate the range of property taxes homeowners might face, depending on their property's assessed value and applicable exemptions. The median home price in Gillett is $43,400, which is considerably lower than the national median. This lower home value contributes to relatively modest property tax bills compared to the national median property tax rate of 0.99%. However, even within this range, the highest median tax bill recorded in the area is $220, indicating that some homeowners may still face a significant financial burden. Understanding how these factors interplay can help homeowners better anticipate their property tax responsibilities.
Average Gillett Tax Bill
$220
Average Jefferson County Tax Bill
$457
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gillett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72055 | $39 | $99 | $220 | $677 | $871 |
Source: Ownwell