Witts Springs, Arkansas Property Taxes
The median property tax rate in Witts Springs, AR is 0.75%, 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 $41,900 in Witts Springs, the typical annual property tax bill is $327, well below the national median of $2,690. Property taxes in Witts Springs are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Witts Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Witts Springs or another part of Searcy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Witts Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$314
Ownwell’s Witts Springs Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Witts Springs with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Witts Springs to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more localized trends, further detailed information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Witts Springs, Arkansas
Property taxes in Witts Springs, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Witts Springs is 0.75%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Witts Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Witts Springs 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 Witts Springs' effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72686 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Witts Springs 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 Witts Springs Tax Rate
0.75%
Average Searcy County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Witts Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72686 | 0.53% | 0.65% | 0.75% | 0.83% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Witts Springs, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Witts Springs, Arkansas. 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 Witts Springs, 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 Witts Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72686 has the highest and lowest median tax bill at $327.
Average Witts Springs Assessed Value
$41,900
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 Witts Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72686 | $8,480 | $24,475 | $41,900 | $82,025 | $119,970 |
Source: Ownwell
Property Tax Bills Across Witts Springs, Arkansas
In Witts Springs, 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 this area is $41,900. Local tax authorities then apply the property tax rate to the assessed value to determine the annual tax bill. Factors such as property size, location within Searcy County, and any applicable exemptions or deductions can influence the final amount. For homeowners in Witts Springs, the property tax bill can vary significantly. At the 25th percentile, homeowners might pay around $176 annually, while those at the 75th percentile could see bills closer to $634. For the top 10% of property values, the tax bill can reach up to $941. The highest median tax bill recorded in the area is $327. These taxes fund essential public services, including schools and infrastructure, impacting the overall quality of life in the community.
Average Witts Springs Tax Bill
$327
Average Searcy County Tax Bill
$434
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Witts Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72686 | $119 | $176 | $327 | $634 | $941 |
Source: Ownwell