Montrose, Arkansas Property Taxes
The median property tax rate in Montrose, AR is 0.90%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Montrose at $43,000, the typical annual property tax bill amounts to $384, significantly lower than the national median of $2,690. Property taxes in Montrose 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 Montrose'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 Montrose 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
Montrose, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$387
Ownwell’s Montrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montrose 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 Montrose, Arkansas
Property taxes in Montrose, Arkansas, are instrumental in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montrose is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Montrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montrose 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 Montrose's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71658 has both the highest and lowest median property tax rate in Drew County, at 0.90%. Understanding how these areas compare with Montrose 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 Montrose Tax Rate
0.90%
Average Drew County Tax Rate
0.81%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montrose, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71658 | 0.32% | 0.54% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Montrose, Arkansas
In Montrose, 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 Montrose, 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 Montrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71658 has the highest median tax bill at $384.00, while the lowest median tax bill is also $384.00 in the same zip code.
Average Montrose Assessed Value
$43,000
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 Montrose, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71658 | $42,560 | $42,725 | $43,000 | $56,925 | $65,280 |
Source: Ownwell
Property Tax Bills Across Montrose, Arkansas
In Montrose, located in Drew County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $43,000, the assessed value is determined by local regulations. The property tax rate is then applied to this assessed value to calculate the tax bill. Homeowners in Montrose can expect a median tax bill around $384, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. For example, tax bills in the 25th percentile are approximately $253, while those in the 75th percentile reach up to $386. This variation highlights how individual property characteristics and local policies can affect the amount homeowners owe. Understanding these factors is crucial for homeowners to anticipate their property tax obligations and manage their finances accordingly.
Average Montrose Tax Bill
$384
Average Drew County Tax Bill
$445
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Montrose, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71658 | $174 | $253 | $384 | $386 | $388 |
Source: Ownwell