Dermott, Arkansas Property Taxes
The median property tax rate in Dermott, AR is 0.91%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $39,600 in Dermott, the typical annual property tax bill amounts to $246, which is well below 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 exemptions like the primary residence and agricultural exemptions. Understanding Dermott'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 Dermott 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
Dermott, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$360
$334
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, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Dermott is 0.91%, which is lower than 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 zip code 71638 has both the highest and lowest median property tax rate of 0.91%, highlighting a uniformity in rates within the region. Understanding how these cities compare with Dermott provides valuable insights into the varying tax landscape across Drew County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dermott Tax Rate
0.91%
Average Drew County Tax Rate
0.81%
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 | 0.19% | 0.55% | 0.91% | 0.95% | 0.95% |
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 Drew County Assessor's Office 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. With a median home price of $39,600, the tax bills can vary significantly, ranging from $111 at the 25th percentile to $1,072 at the 90th percentile. The zip code 71638 has the highest median tax bill of $246. Being aware of these valuation processes in Dermott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dermott Assessed Value
$39,600
Average Drew County Assessed Value
$62,550
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 | $9,820 | $18,750 | $39,600 | $81,000 | $133,160 |
Source: Ownwell
Property Tax Bills Across Dermott, Arkansas
In Dermott, Drew County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Dermott is $39,600, and the property tax rate is applied to this assessed value to determine the tax bill. Factors that influence the tax bill include the property's market value, local tax rates, and any exemptions for which the homeowner may qualify. Homeowners in Dermott can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $111, while at the 75th percentile, it reaches $610. At the 90th percentile, it can go up to $1,072. These variations highlight the range of property values and the impact of local tax rates. Compared to the national median property tax rate of 0.99%, Dermott residents experience relatively lower tax bills, which can provide some financial relief to homeowners.
Average Dermott Tax Bill
$246
Average Drew County Tax Bill
$445
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 | $33 | $111 | $246 | $610 | $1,072 |
Source: Ownwell