Dermott, Arkansas Property Taxes
The median property tax rate in Dermott, AR, is 1.13%, notably higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Dermott at $24,350, the typical annual property tax bill is $254, which is significantly lower than the national median of $2,690. Property taxes in Dermott are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Dermott'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 Dermott or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dermott, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$275
$255
Ownwell’s Dermott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dermott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dermott 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 Dermott, Arkansas
Property taxes in Dermott, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dermott is 1.13%, higher than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Dermott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dermott 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 Dermott's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71638 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Dermott provides valuable insights into the varying tax landscape across Chicot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dermott Tax Rate
1.13%
Average Chicot County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dermott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71638 | 0.74% | 0.95% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Dermott, Arkansas
In Dermott, 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 Chicot 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 Dermott, 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 Dermott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Dermott is $24,350, with tax bills ranging from $144 at the 25th percentile to $724 at the 90th percentile. The zip code 71638 has the highest and lowest median tax bill of $254.
Average Dermott Assessed Value
$24,350
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 Dermott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71638 | $4,400 | $12,050 | $24,350 | $46,025 | $81,600 |
Source: Ownwell
Property Tax Bills Across Dermott, Arkansas
In Dermott, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. For example, with a median home price of $24,350, the tax bill can vary significantly. Homeowners at the 25th percentile can expect a tax bill around $144, while those at the 75th percentile see bills closer to $444. At the 90th percentile, tax bills can reach up to $724. These variations arise from differences in property values and the specific tax rates applied by local authorities. The median tax bill in Dermott stands at $254, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable for residents but may also reflect the lower property values in the area. Homeowners need to consider these factors when budgeting for their annual expenses, as property taxes directly impact their financial planning.
Average Dermott Tax Bill
$254
Average Chicot County Tax Bill
$342
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Dermott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71638 | $78 | $144 | $254 | $444 | $724 |
Source: Ownwell