Waldo, Arkansas Property Taxes
The median property tax rate in Waldo, AR is 0.75%, 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 $39,675 in Waldo, the typical annual property tax bill amounts to $313, significantly below the national median of $2,690. Property taxes in Waldo 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 Waldo'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 Waldo or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waldo, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Waldo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waldo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waldo 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 Waldo, Arkansas
Property taxes in Waldo, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waldo is 0.62%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Waldo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waldo 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 Waldo's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71770 zip code has the highest median property tax rate of 0.62%, while the same zip code also reflects the lowest median tax rate of 0.62%. Understanding how these cities compare with Waldo provides valuable insights into the varying tax landscape across Columbia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waldo Tax Rate
0.75%
Average Columbia County Tax Rate
0.78%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waldo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71770 | 0.63% | 0.75% | 0.75% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Waldo, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waldo, Arkansas. 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 Columbia 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 Waldo, 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 Waldo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Waldo, the zip code with the highest median tax bill is 71770, with a median tax bill of $313. Conversely, the same zip code, 71770, also has the lowest median tax bill, making it essential for property owners to stay informed and proactive in managing their property taxes.
Average Waldo Assessed Value
$39,675
Average Columbia County Assessed Value
$50,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waldo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71770 | $7,095 | $18,000 | $39,675 | $74,900 | $159,220 |
Source: Ownwell
Property Tax Bills Across Waldo, Arkansas
In Waldo, Columbia County, AR, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the market value, which is determined by the county assessor's office. Various factors, including the property's size, location, and condition, play a role in determining this market value. For homeowners in Waldo, the median home price is $39,675. The property tax rate in this area is relatively low, with the median tax bill at $313. This figure is significantly below the national median property tax rate of 0.99%. Depending on the assessed value, tax bills can vary widely. For instance, the 25th percentile tax bill is $145, while the 75th percentile tax bill is $544. At the higher end, the 90th percentile tax bill reaches $1,087. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Hence, understanding how property taxes are calculated can help homeowners better manage their finances and anticipate annual expenses.
Average Waldo Tax Bill
$313
Average Columbia County Tax Bill
$400
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Waldo, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71770 | $62 | $145 | $313 | $544 | $1,087 |
Source: Ownwell