Monticello, Drew County, Arkansas Property Taxes
The median property tax rate in Monticello, AR is 0.79%, 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 Monticello at $68,600, the typical annual property tax bill amounts to $498, significantly below the national median of $2,690. Property taxes in Monticello are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. Understanding Monticello'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 Monticello or another part of Drew County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monticello, Drew County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$542
$503
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Drew County, Arkansas
Property taxes in Monticello, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 0.79%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71655 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Monticello 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 Monticello Tax Rate
0.79%
Average Drew County Tax Rate
0.81%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Drew County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71655 | 0.18% | 0.48% | 0.79% | 0.91% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Drew County, Arkansas
In Monticello, 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 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 71655 has both the highest and lowest median tax bill at $498.
Property Tax Assessment Values Across Monticello, Drew County, Arkansas
Source: Ownwell
$20,325
$44,463
$68,600
Average Monticello Assessed Value
$68,600
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 Monticello, Drew County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71655 | $15,535 | $32,850 | $68,600 | $141,025 | $217,380 |
Source: Ownwell
Property Tax Bills Across Monticello, Drew County, Arkansas
In Monticello, located in Drew County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The median home price in Monticello stands at $68,600. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, the median property tax bill in the area is $498.00, which is considerably lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the market value of the property, local tax rates, and any applicable exemptions or deductions. Homeowners in Monticello can expect tax bills ranging from $198 at the 25th percentile to $1,712 at the 90th percentile, reflecting the diversity in property values and tax obligations. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated can help in financial planning and ensuring they take advantage of any available exemptions.
Average Monticello Tax Bill
$498
Average Drew County Tax Bill
$445
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Drew County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71655 | $66 | $198 | $498 | $1,036 | $1,712 |
Source: Ownwell