Gilbert, Arkansas Property Taxes
The median property tax rate in Gilbert, AR is 0.76%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $122,750 in Gilbert, the typical annual property tax bill amounts to $910, significantly less than the national median of $2,690. Property taxes in Gilbert are 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 Gilbert'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 Gilbert 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
Gilbert, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$933
Ownwell’s Gilbert Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilbert with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilbert 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 Gilbert, Arkansas
Property taxes in Gilbert, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilbert is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Gilbert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilbert 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 Gilbert's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72636 has the highest median property tax rate of 0.76%, while the lowest median tax rate is also 0.76% in the same zip code. Understanding how these cities compare with Gilbert provides valuable insights into the varying tax landscape across Searcy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilbert Tax Rate
0.76%
Average Searcy County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilbert, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72636 | 0.64% | 0.71% | 0.76% | 0.87% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Gilbert, Arkansas
In Gilbert, 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 Searcy 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 Gilbert, 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 Gilbert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Gilbert, the median home price is $122,750, with tax bills ranging from $618 at the 25th percentile to $1,494 at the 75th percentile. The highest and lowest median tax bills are both $910 in the 72636 zip code.
Average Gilbert Assessed Value
$122,750
Average Searcy County Assessed Value
$53,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilbert, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72636 | $46,075 | $88,488 | $122,750 | $203,338 | $267,750 |
Source: Ownwell
Property Tax Bills Across Gilbert, Arkansas
In Gilbert, property tax bills are calculated based on the assessed value of a property, which is determined by the Searcy County assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied. For Gilbert, the median home price is $122,750, and the property tax rate is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Gilbert can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is $618, while those in the 75th percentile pay around $1,494. The 90th percentile reaches up to $1,875. Factors influencing these variations include property size, location, and any applicable exemptions. These tax bills impact homeowners by affecting their annual housing costs and potentially influencing their decisions on property investments. Understanding these factors helps homeowners in Gilbert better anticipate their financial obligations and plan accordingly.
Average Gilbert Tax Bill
$910
Average Searcy County Tax Bill
$434
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilbert, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72636 | $440 | $618 | $910 | $1,494 | $1,875 |
Source: Ownwell