Mount Vernon, Arkansas Property Taxes
The median property tax rate in Mount Vernon, AR is 1.00%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Mount Vernon at $89,800, the typical annual property tax bill reaches $770, which is below the national median of $2,690. Property taxes in Mount Vernon are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mount Vernon'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 Mount Vernon 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
Mount Vernon, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$898
$833
Ownwell’s Mount Vernon Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mount Vernon with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Mount Vernon to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed information, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Mount Vernon, Arkansas
Property taxes in Mount Vernon, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 1.00%, higher than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Mount Vernon's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72111 has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Mount Vernon provides valuable insights into the varying tax landscape across Faulkner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Vernon Tax Rate
1.00%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72111 | 0.66% | 0.87% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Arkansas
In Mount Vernon, 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 Faulkner 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 Mount Vernon, 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 Mount Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72111 has the highest and lowest median tax bill, both at $770.
Average Mount Vernon Assessed Value
$89,800
Average Faulkner County Assessed Value
$149,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72111 | $20,725 | $40,588 | $89,800 | $156,100 | $253,600 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Arkansas
In Mount Vernon, Faulkner County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. The median home price in Mount Vernon is $89,800, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $371, while the 75th percentile tax bill reaches $1,375. At the 90th percentile, homeowners could see tax bills as high as $2,398. The tax rate in Mount Vernon is crucial for homeowners as it directly affects their annual expenses. Comparing this to the national median property tax rate of 0.99%, Mount Vernon's rates can be more favorable, depending on the specific assessed value and applicable exemptions. Understanding these factors helps homeowners budget effectively and anticipate their financial obligations.
Average Mount Vernon Tax Bill
$770
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72111 | $185 | $371 | $770 | $1,375 | $2,398 |
Source: Ownwell