Quitman, Arkansas Property Taxes
The median property tax rate in Quitman, AR is 0.87%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $72,725 in Quitman, the typical annual property tax bill amounts to $562, which is significantly lower than the national median of $2,690. Property taxes in Quitman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Quitman'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 Quitman or another part of Van Buren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Quitman, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$633
Ownwell’s Quitman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Quitman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Quitman 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 Quitman, Arkansas
Property taxes in Quitman, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Quitman is 0.87%, which is below the U.S. national median of 0.99%. Local government entities within Quitman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Quitman 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 Quitman's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72131 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Quitman provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Quitman Tax Rate
0.87%
Average Van Buren County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Quitman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | 0.67% | 0.83% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Quitman, Arkansas
In Quitman, Arkansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Van Buren County Assessor 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 Quitman, 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 Quitman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $562 in the 72131 zip code.
Average Quitman Assessed Value
$72,725
Average Van Buren County Assessed Value
$61,550
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Quitman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | $23,700 | $47,425 | $72,725 | $118,675 | $202,375 |
Source: Ownwell
Property Tax Bills Across Quitman, Arkansas
In Quitman, located in Van Buren County, AR, property tax bills are calculated based on the assessed value of homes. This assessed value is typically a percentage of the market value, and the local tax rate is applied to this figure to determine the tax bill. For example, with a median home price of $72,725, homeowners can expect their tax bills to vary significantly depending on the assessed value and specific tax rates applied. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the final tax bill. In Quitman, the tax bill for the 25th percentile is around $371, while for the 75th percentile, it rises to approximately $1,028. At the 90th percentile, the tax bill can reach up to $1,650. These figures illustrate the range of property tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, Quitman’s property tax rates offer a diverse landscape, impacting homeowners differently based on their property’s assessed value.
Average Quitman Tax Bill
$562
Average Van Buren County Tax Bill
$534
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Quitman, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | $205 | $371 | $562 | $1,028 | $1,650 |
Source: Ownwell