Monette, Arkansas Property Taxes
The median property tax rate in Monette, AR is 0.68%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Monette, the typical annual property tax bill is $576, significantly below the national median of $2,690. Property taxes in Monette are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monette'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 Monette 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
Monette, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$612
Ownwell’s Monette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monette 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 Monette, Arkansas
Property taxes in Monette, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monette is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Monette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monette 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 Monette's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72447 has both the highest and lowest median property tax rate in the region, at 0.68%. Understanding how these cities compare with Monette provides valuable insights into the varying tax landscape across Craighead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monette Tax Rate
0.68%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monette, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72447 | 0.50% | 0.60% | 0.68% | 0.80% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Monette, Arkansas
In Monette, 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 Craighead 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 Monette, 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 Monette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $576 in the 72447 zip code, while the lowest is also $576, reflecting uniformity in the tax landscape of the area.
Average Monette Assessed Value
$90,005
Average Craighead County Assessed Value
$151,595
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monette, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72447 | $29,083 | $52,422 | $90,005 | $136,965 | $212,642 |
Source: Ownwell
Property Tax Bills Across Monette, Arkansas
In Monette, located in Craighead 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 Monette is $90,005. To determine the tax bill, local authorities apply the property tax rate to the assessed value of the property. The tax rate in this area is influenced by various factors, including local government budgets, school funding, and public services. Homeowners in Monette can expect a wide range of tax bills. For instance, the 25th percentile tax bill is around $354, while the 75th percentile tax bill is approximately $955. At the higher end, the 90th percentile tax bill reaches $1,516. These figures highlight the variability in property tax obligations depending on the property's assessed value and specific local tax rates. Compared to the national median property tax rate of 0.99%, Monette's property tax bills reflect a relatively moderate burden on homeowners, which can influence decisions on homeownership and real estate investments in the area.
Average Monette Tax Bill
$576
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Monette, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72447 | $204 | $354 | $576 | $955 | $1,516 |
Source: Ownwell