Wooster, Arkansas Property Taxes
The median property tax rate in Wooster, Arkansas is 0.98%, slightly below the national median of 0.99% but higher than the state median of 0.84%. With the median home value in Wooster at $115,100, the typical annual property tax bill amounts to $977, which is significantly lower than the national median of $2,690. Property taxes in Wooster are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Wooster'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 Wooster or another part of Faulkner County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wooster, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,128
$1,047
Ownwell’s Wooster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wooster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wooster 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 Wooster, Arkansas
Property taxes in Wooster, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wooster is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Wooster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wooster 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 Wooster's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72181 zip code has the highest median property tax rate of 0.98%, while the 72181 zip code also has the lowest median tax rate of 0.98%. Understanding how these cities compare with Wooster 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 Wooster Tax Rate
0.98%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wooster, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72181 | 0.64% | 0.79% | 0.98% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Wooster, Arkansas
In Wooster, 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 Wooster, 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 Wooster helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 72181, with a median tax bill of $977.
Average Wooster Assessed Value
$115,100
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 Wooster, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72181 | $22,460 | $55,450 | $115,100 | $232,250 | $321,280 |
Source: Ownwell
Property Tax Bills Across Wooster, Arkansas
In Wooster, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the home's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $115,100, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. In Wooster, the tax bill for the 25th percentile is around $551, while the 75th percentile sees bills closer to $2,138. The highest median tax bill in the region is $977, which is below the national median property tax rate of 0.99%. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in Wooster.
Average Wooster Tax Bill
$977
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wooster, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72181 | $238 | $551 | $977 | $2,138 | $3,128 |
Source: Ownwell