Wilmot, Arkansas Property Taxes
The median property tax rate in Wilmot, Arkansas is 0.71%, 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 $35,350 in Wilmot, the typical annual property tax bill amounts to $207, significantly below the national median of $2,690. Property taxes in Wilmot are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wilmot's property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you reside in the heart of Wilmot or elsewhere in the city, gaining insight into the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilmot, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$251
Ownwell’s Wilmot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmot 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 Wilmot, Arkansas
Property taxes in Wilmot, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmot is 0.71%, which is significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Wilmot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmot 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 Wilmot's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71676 zip code has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Wilmot provides valuable insights into the varying tax landscape across Ashley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilmot Tax Rate
0.71%
Average Ashley County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71676 | 0.13% | 0.43% | 0.71% | 0.94% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Wilmot, Arkansas
In Wilmot, 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 Ashley 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 Wilmot, 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 Wilmot 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 $207.00 in the 71676 zip code, which is also the lowest median tax bill.
Average Wilmot Assessed Value
$35,350
Average Ashley County Assessed Value
$56,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilmot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71676 | $6,010 | $17,750 | $35,350 | $70,400 | $123,830 |
Source: Ownwell
Property Tax Bills Across Wilmot, Arkansas
In Wilmot, located in Ashley County, AR, 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 Wilmot is $35,350, and homeowners can expect their property tax bill to vary significantly. For instance, tax bills at the 25th percentile are around $79, while those at the 75th percentile reach up to $384. At the 90th percentile, tax bills can climb as high as $734. These figures illustrate the range of property tax liabilities that homeowners may face, influenced by factors such as property value and local tax rates. The highest and lowest median tax bills in the area are both $207, indicating some consistency in tax assessments within specific zip codes. Compared to the national median property tax rate of 0.99%, Wilmot's property tax rates offer a relatively affordable option for homeowners, although individual tax bills can still vary based on assessed property values and specific local conditions.
Average Wilmot Tax Bill
$207
Average Ashley County Tax Bill
$300
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmot, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71676 | $33 | $79 | $207 | $384 | $734 |
Source: Ownwell