Wilton, Arkansas Property Taxes
The median property tax rate in Wilton, Arkansas is 0.42%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Wilton, the typical annual property tax bill amounts to $282, which is notably less than the national median of $2,690. Property taxes in Wilton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wilton'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 Wilton or another part of Little River County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilton, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$137
Ownwell’s Wilton Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wilton with ease. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Wilton to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Wilton, Arkansas
Property taxes in Wilton, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilton is 0.42%, significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Wilton set these rates annually, and they can vary across different neighborhoods. Each year, Wilton 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 Wilton's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71865 has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Wilton provides valuable insights into the varying tax landscape across Little River County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilton Tax Rate
0.42%
Average Little River County Tax Rate
0.55%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71865 | 0.18% | 0.27% | 0.42% | 0.63% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Wilton, Arkansas
In Wilton, 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 Little River 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 Wilton, 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 Wilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71865 has the highest and lowest median tax bill, both at $282.
Average Wilton Assessed Value
$32,725
Average Little River County Assessed Value
$68,475
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71865 | $6,550 | $16,412 | $32,725 | $71,762 | $90,150 |
Source: Ownwell
Property Tax Bills Across Wilton, Arkansas
In Wilton, Arkansas, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, in Little River County, where Wilton is located, the median home price is $32,725. Homeowners in the 25th percentile of tax bills pay around $192 annually, while those in the 75th percentile pay about $343, and the 90th percentile reaches up to $379. Several factors influence these tax bills, including changes in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Wilton’s property taxes are relatively low, offering some financial relief to homeowners. However, even within Wilton, there is variation, with the highest median tax bill recorded at $282 in the 71865 zip code. These property taxes contribute to local services and infrastructure, directly impacting the community's quality of life.
Average Wilton Tax Bill
$282
Average Little River County Tax Bill
$326
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilton, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71865 | $138 | $192 | $282 | $343 | $379 |
Source: Ownwell