Quitman, Faulkner County, Arkansas Property Taxes
The median property tax rate in Quitman, Arkansas is 0.89%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $77,575 in Quitman, the typical annual property tax bill is around $620, which is significantly below the national median of $2,690. Property taxes in Quitman are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Quitman'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 Quitman 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
Quitman, Faulkner County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$690
$641
Ownwell’s Quitman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Quitman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Quitman 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 Quitman, Faulkner County, Arkansas
Property taxes in Quitman, Arkansas, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Quitman is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Quitman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Quitman 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 Quitman's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72131 has the highest median property tax rate of 0.89%, while the lowest median tax rate is also 0.89%. Understanding how these areas compare with Quitman 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 Quitman Tax Rate
0.89%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Quitman, Faulkner County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | 0.55% | 0.76% | 0.89% | 0.91% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Quitman, Faulkner County, Arkansas
In Quitman, 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 Quitman, 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 Quitman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $620 in the 72131 zip code, while the lowest median tax bill is also $620 in the same zip code.
Property Tax Assessment Values Across Quitman, Faulkner County, Arkansas
Source: Ownwell
$77,575
$128,063
$178,550
Average Quitman Assessed Value
$77,575
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 Quitman, Faulkner County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | $15,565 | $41,688 | $77,575 | $147,188 | $220,980 |
Source: Ownwell
Property Tax Bills Across Quitman, Faulkner County, Arkansas
In Quitman, Faulkner County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is a percentage of the market value of the property. Homeowners in Quitman can expect their tax bills to vary significantly based on the assessed value of their property and the local tax rate. For instance, homeowners at the 25th percentile pay around $331 annually, while those at the 75th percentile see bills closer to $1,228. The highest median tax bill in the area is $620, which is relatively low compared to the national median property tax rate of 0.99%. Factors that influence the tax bill include property size, location, and any applicable exemptions. This variation in tax bills can have a substantial impact on homeowners, affecting their overall cost of living and financial planning. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Quitman Tax Bill
$620
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Quitman, Faulkner County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72131 | $137 | $331 | $620 | $1,228 | $1,922 |
Source: Ownwell