Wilmar, Drew County, Arkansas Property Taxes
The median property tax rate in Wilmar, AR is 0.74%, 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 Wilmar being $50,650, the typical annual property tax bill amounts to $315, significantly below the national median of $2,690. Property taxes in Wilmar are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as the primary residence exemption. By understanding Wilmar's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're residing in the heart of Wilmar or another part of Drew County, having a clear grasp of the local property tax system will greatly benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wilmar, Drew County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$375
$348
Ownwell’s Wilmar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmar 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 Wilmar, Drew County, Arkansas
Property taxes in Wilmar, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmar is 0.43%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Wilmar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmar 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 Wilmar's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71675 zip code has the highest median property tax rate of 0.43%, while the 71675 zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Wilmar 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 Wilmar Tax Rate
0.74%
Average Drew County Tax Rate
0.81%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmar, Drew County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71675 | 0.13% | 0.42% | 0.74% | 0.91% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Wilmar, Drew County, Arkansas
In Wilmar, 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 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 Wilmar, 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 Wilmar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wilmar is $50,650, with the 25th percentile tax bill at $136 and the 75th percentile tax bill at $727. Notably, the highest and lowest median tax bills in the area are both $315, found in the 71675 zip code.
Property Tax Assessment Values Across Wilmar, Drew County, Arkansas
Source: Ownwell
$20,325
$44,463
$68,600
Average Wilmar Assessed Value
$50,650
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 Wilmar, Drew County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71675 | $12,915 | $25,062 | $50,650 | $106,000 | $176,140 |
Source: Ownwell
Property Tax Bills Across Wilmar, Drew County, Arkansas
In Wilmar, 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 Wilmar is $50,650. Property taxes are determined by applying the local tax rate to this assessed value. For instance, homeowners in the 25th percentile can expect a tax bill around $136, while those in the 75th percentile might see bills closer to $727. At the 90th percentile, tax bills can reach up to $1,304. These property taxes directly impact homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, Wilmar’s rates can vary, but they generally provide a more affordable option for homeowners. The highest and lowest median tax bills in the area are both $315, found in the zip code 71675, reflecting consistency in tax assessments within this region. This stability can offer homeowners a predictable financial environment.
Average Wilmar Tax Bill
$315
Average Drew County Tax Bill
$445
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmar, Drew County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71675 | $45 | $136 | $315 | $727 | $1,304 |
Source: Ownwell