West Memphis, Arkansas Property Taxes
The median property tax rate in West Memphis, AR is 0.76%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in West Memphis at $69,050, the typical annual property tax bill amounts to $519, significantly below the national median of $2,690. Property taxes in West Memphis are based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding West Memphis'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 West Memphis 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
West Memphis, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$525
$487
Ownwell’s West Memphis Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to effortlessly estimate their annual property taxes in West Memphis using just two key data points. By inputting your property's estimated assessed value, the calculator leverages the median tax rate in West Memphis to provide an accurate estimate of your property tax bill. This invaluable tool offers a clear understanding of your potential tax obligations. For those interested in more granular details, scroll down to explore neighborhood-level trends. Your property’s assessed value, determined by Crittenden County, serves as the basis for property tax calculations, incorporating any applicable exemptions.
Property Tax Rates Across West Memphis, Arkansas
Property taxes in West Memphis, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Memphis is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within West Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Memphis 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 West Memphis's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72301 has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with West Memphis provides valuable insights into the varying tax landscape across Crittenden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average West Memphis Tax Rate
0.76%
Average Crittenden County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Memphis, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72301 | 0.63% | 0.75% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across West Memphis, Arkansas
In West Memphis, 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 Crittenden 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 West Memphis, 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 West Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in West Memphis is $69,050, with the highest and lowest median tax bills both being $519 in zip code 72301.
Average West Memphis Assessed Value
$69,050
Average Crittenden County Assessed Value
$81,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across West Memphis, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72301 | $16,800 | $33,900 | $69,050 | $108,100 | $160,550 |
Source: Ownwell
Property Tax Bills Across West Memphis, Arkansas
In West Memphis, located in Crittenden County, AR, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, and this value is then multiplied by the tax rate to determine the annual tax bill. For example, with a median home price of $69,050, homeowners can expect property tax bills to vary significantly. The 25th percentile tax bill in West Memphis is around $238, while the 75th percentile tax bill reaches approximately $847. For those in the 90th percentile, the tax bill can go up to $1,203. The median tax bill in the area is $519, which is considerably lower than the national median property tax rate of 0.99%. These figures highlight that property taxes in West Memphis are relatively affordable, making it a more budget-friendly option for homeowners compared to other regions.
Average West Memphis Tax Bill
$519
Average Crittenden County Tax Bill
$662
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across West Memphis, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72301 | $128 | $238 | $519 | $847 | $1,203 |
Source: Ownwell