Winchester, Arkansas Property Taxes
The median property tax rate in Winchester, Arkansas is 0.98%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Winchester, the typical annual property tax bill reaches $106, significantly below the national median of $2,690. Property taxes in Winchester 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 Winchester'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 Winchester 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
Winchester, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$199
$185
Ownwell’s Winchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winchester 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 Winchester, Arkansas
Property taxes in Winchester, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winchester is 0.98%, nearly aligned with the Arkansas state median and slightly below the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other counties in Arkansas and the national median. For comparison, the ZIP code 71677 has the highest median property tax rate of 0.98%, while the same ZIP code also has the lowest median tax rate of 0.98%. Understanding how these cities compare with Winchester 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 Winchester Tax Rate
0.98%
Average Drew County Tax Rate
0.81%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71677 | 0.15% | 0.28% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Winchester, Arkansas. 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 Winchester, 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. The median home price in Winchester is $20,325, with tax bills ranging from $47 at the 25th percentile to $375 at the 90th percentile. The zip code 71677 has the highest median tax bill at $106. By understanding 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 Winchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winchester Assessed Value
$20,325
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 Winchester, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71677 | $5,450 | $10,450 | $20,325 | $34,188 | $42,900 |
Source: Ownwell
Property Tax Bills Across Winchester, Arkansas
In Winchester, Drew County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For context, the median home price in Winchester is $20,325. Homeowners in the 25th percentile can expect a tax bill around $47, while those in the 75th percentile might see a bill close to $204. At the higher end, the 90th percentile tax bill reaches approximately $375. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These property taxes significantly impact homeowners, affecting monthly mortgage payments and overall housing affordability. When compared to the national median property tax rate of 0.99%, Winchester's rates can offer some relief to homeowners, but they still need to budget for these annual expenses to avoid any financial surprises.
Average Winchester Tax Bill
$106
Average Drew County Tax Bill
$445
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71677 | $22 | $47 | $106 | $204 | $375 |
Source: Ownwell