Gillett, Arkansas Property Taxes
The median property tax rate in Gillett, AR is 0.60%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Gillett, the typical annual property tax bill is $388, well below the national median of $2,690. Property taxes in Gillett are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Gillett'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 Gillett or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gillett, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$416
$386
Ownwell’s Gillett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gillett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gillett 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 Gillett, Arkansas
Property taxes in Gillett, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gillett is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Gillett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gillett 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 Gillett's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72055 has the same median property tax rate of 0.60%. Understanding how these areas compare with Gillett 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 Gillett Tax Rate
0.60%
Average Arkansas County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gillett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72055 | 0.20% | 0.39% | 0.60% | 0.88% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Gillett, Arkansas
In Gillett, 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 local 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 Gillett, 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 Gillett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $388, found in the 72055 zip code.
Average Gillett Assessed Value
$69,295
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 Gillett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72055 | $5,620 | $24,175 | $69,295 | $131,375 | $225,990 |
Source: Ownwell
Property Tax Bills Across Gillett, Arkansas
In Gillett, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, with a median home price of $69,295, the assessed value is determined by the local assessment ratio. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Various factors, such as the local tax rate and any applicable exemptions or deductions, influence the final tax amount. For homeowners in Gillett, property tax bills can vary significantly. The tax bill at the 25th percentile is around $152, while at the 75th percentile, it reaches $865. Those at the 90th percentile face a tax bill of approximately $1,736. Compared to the national median property tax rate of 0.99%, the property tax burden in Gillett is relatively moderate. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Gillett Tax Bill
$388
Average Arkansas County Tax Bill
$414
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gillett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72055 | $58 | $152 | $388 | $865 | $1,736 |
Source: Ownwell