Chicot County Property Taxes
The median property tax rate in Chicot County is 0.92%, which is slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Chicot County at $35,600, the typical annual property tax bill is $342, significantly below the national median of $2,690. Property taxes in Chicot County are calculated based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Chicot County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you live in Lake Village or another part of Chicot County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chicot County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$328
Ownwell’s Chicot County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chicot County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Chicot County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Chicot County, Arkansas
Property taxes in Chicot County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Chicot County is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Chicot County set these rates annually, and they can vary significantly between different areas within the county. Each year, Chicot County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Chicot County's effective property tax rate with other counties in Arkansas and the national median. For comparison, the city of Dermott has one of the higher property tax rates in Arkansas at 1.13%, while the city of Wilmot boasts one of the lowest at 0.74%. Analyzing how Chicot County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Chicot County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chicot County, Arkansas
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dermott | 0.74% | 0.95% | 1.13% | 1.13% | 1.13% |
| El Dorado | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
| Eudora | 0.68% | 0.87% | 0.92% | 1.02% | 1.02% |
| Greenville | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
| Lake Village | 0.71% | 0.91% | 0.92% | 0.92% | 0.92% |
| Parkdale | 0.72% | 0.88% | 0.92% | 0.92% | 0.92% |
| Portland | 0.83% | 0.92% | 0.92% | 0.99% | 0.99% |
| Wilmot | 0.29% | 0.60% | 0.74% | 0.77% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Chicot County, Arkansas
In Chicot County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Chicot County Appraisal District. The assessed value, however, 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. Assessment notices in Chicot County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Chicot County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Chicot County, the city with the highest median tax bill is Greenville at $910, while Eudora has the lowest at $236.
Average Chicot County Assessed Value
$35,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chicot County, Arkansas
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dermott | $4,400 | $12,050 | $24,350 | $46,025 | $81,600 |
| El Dorado | $53,450 | $53,450 | $53,450 | $53,450 | $53,450 |
| Eudora | $4,500 | $12,062 | $24,450 | $47,050 | $88,690 |
| Greenville | $98,900 | $98,900 | $98,900 | $98,900 | $98,900 |
| Lake Village | $8,150 | $25,350 | $58,300 | $134,150 | $248,540 |
| Parkdale | $20,360 | $35,375 | $44,050 | $76,538 | $297,105 |
| Portland | $10,960 | $32,388 | $60,800 | $120,338 | $193,600 |
| Wilmot | $84,625 | $105,450 | $153,950 | $201,288 | $202,825 |
Source: Ownwell
Property Tax Bills Across Chicot County, Arkansas
In Chicot County, AR, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. Homeowners in this county experience a range of tax bills depending on various factors, such as the location and value of their property. For instance, the median home price in Chicot County is $35,600. The tax bill for homes at the 25th percentile is around $169, while those at the 75th percentile pay about $718. At the higher end, the 90th percentile tax bill can reach up to $1,571. These figures indicate significant variation in property tax burdens across the county. Comparatively, the highest median tax bill in the county is found in Greenville at $910, whereas Eudora has the lowest at $236. These disparities affect homeowners differently, influencing their overall financial planning and housing affordability. Understanding how these bills are determined helps homeowners anticipate their annual property tax obligations.
Average Chicot County Tax Bill
$342
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Chicot County, Arkansas
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Dermott | $78 | $144 | $254 | $444 | $724 |
| El Dorado | $465 | $465 | $465 | $465 | $465 |
| Eudora | $75 | $134 | $236 | $425 | $766 |
| Greenville | $910 | $910 | $910 | $910 | $910 |
| Lake Village | $99 | $245 | $531 | $1,173 | $2,121 |
| Parkdale | $187 | $273 | $343 | $704 | $2,733 |
| Portland | $145 | $310 | $590 | $1,077 | $1,742 |
| Wilmot | $305 | $577 | $709 | $1,267 | $1,489 |
Source: Ownwell