Gamaliel, Arkansas Property Taxes
The median property tax rate in Gamaliel, AR is 0.65%, which is considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $129,050 in Gamaliel, the typical annual property tax bill is around $819, significantly below the national median of $2,690. Property taxes in Gamaliel are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Gamaliel'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 Gamaliel 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
Gamaliel, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$839
Ownwell’s Gamaliel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gamaliel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gamaliel 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 Gamaliel, Arkansas
Property taxes in Gamaliel, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gamaliel is 0.65%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Gamaliel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gamaliel 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 Gamaliel's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72537 has both the highest and the lowest median property tax rate of 0.65%. Understanding how these areas compare with Gamaliel provides valuable insights into the varying tax landscape across Baxter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gamaliel Tax Rate
0.65%
Average Baxter County Tax Rate
0.65%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gamaliel, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72537 | 0.46% | 0.55% | 0.65% | 0.76% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Gamaliel, Arkansas
In Gamaliel, 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 Baxter 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 Gamaliel, 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 Gamaliel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with both the highest and lowest median tax bill is 72537, with a median tax bill of $819.
Average Gamaliel Assessed Value
$129,050
Average Baxter County Assessed Value
$137,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gamaliel, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72537 | $24,450 | $69,525 | $129,050 | $213,550 | $320,850 |
Source: Ownwell
Property Tax Bills Across Gamaliel, Arkansas
In Gamaliel, located in Baxter County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Gamaliel is $129,050. Property taxes are determined by multiplying the assessed value by the local tax rate. Homeowners in Gamaliel see a wide range in their tax bills, with the 25th percentile paying around $393 and the 75th percentile paying approximately $1,331. The highest median tax bill in the area is $819, which also happens to be the lowest, indicating a uniformity in the median tax bills across different properties. This range in tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, Gamaliel's property tax rates can offer a more affordable alternative, making it an attractive option for potential homeowners.
Average Gamaliel Tax Bill
$819
Average Baxter County Tax Bill
$862
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gamaliel, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72537 | $164 | $393 | $819 | $1,331 | $2,111 |
Source: Ownwell