De Witt, Arkansas Property Taxes
The median property tax rate in De Witt, AR is 0.66%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in De Witt, the typical annual property tax bill reaches $362, significantly less than the national median of $2,690. Property taxes in De Witt 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 De Witt'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 De Witt 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
De Witt, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$421
$390
Ownwell’s De Witt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in De Witt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in De Witt 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 De Witt, Arkansas
Property taxes in De Witt, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in De Witt is 0.66%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within De Witt set these rates annually, and they can vary significantly across different neighborhoods. Each year, De Witt 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 De Witt's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72042 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with De Witt provides valuable insights into the varying tax landscape across Arkansas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average De Witt Tax Rate
0.66%
Average Arkansas County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across De Witt, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72042 | 0.16% | 0.36% | 0.66% | 0.90% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across De Witt, Arkansas
In DE WITT, 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 county 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 DE WITT, 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 DE WITT is $63,758, with tax bills ranging from $147 at the 25th percentile to $786 at the 75th percentile, and $1,506 at the 90th percentile. 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 DE WITT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average De Witt Assessed Value
$63,758
Average Arkansas County Assessed Value
$70,958
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across De Witt, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72042 | $8,164 | $25,139 | $63,758 | $121,212 | $214,931 |
Source: Ownwell
Property Tax Bills Across De Witt, Arkansas
In De Witt, Arkansas, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $63,758, the tax bill can vary significantly. Factors considered in the calculation include the property’s assessed value and the local tax rate set by the county. In Arkansas County, the median property tax bill is notably lower than the national median property tax rate of 0.99%. Homeowners in De Witt can expect tax bills ranging from $147 at the 25th percentile to $786 at the 75th percentile, with the 90th percentile reaching up to $1,506. These variations can affect homeowners' annual budgeting and financial planning. For those in the 72042 zip code, the median tax bill is consistent at $362, reflecting a relatively stable tax environment. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average De Witt Tax Bill
$362
Average Arkansas County Tax Bill
$414
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across De Witt, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72042 | $51 | $147 | $362 | $786 | $1,506 |
Source: Ownwell