Tull, Arkansas Property Taxes
The median property tax rate in Tull, Arkansas is 0.94%, 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 Tull at $113,300, the typical annual property tax bill reaches $920, which is below the national median of $2,690. Property taxes in Tull are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tull'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 Tull 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
Tull, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,065
$988
Ownwell’s Tull Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tull with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tull 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 Tull, Arkansas
Property taxes in Tull, Arkansas, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tull is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Tull set these rates annually, with significant variations across different neighborhoods. Each year, Tull 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 Tull's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72015 has the highest median property tax rate of 0.94%, while the lowest median tax rate is also 0.94%. Understanding how these areas compare with Tull provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tull Tax Rate
0.94%
Average Grant County Tax Rate
0.85%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tull, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72015 | 0.75% | 0.79% | 0.94% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Tull, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tull, 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 Grant 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 Tull, 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 Tull helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tull is $113,300, with tax bills ranging from $552 at the 25th percentile to $1,469 at the 75th percentile, and $1,945 at the 90th percentile. The highest and lowest median tax bills are both $920 in the 72015 zip code.
Average Tull Assessed Value
$113,300
Average Grant County Assessed Value
$100,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tull, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72015 | $45,620 | $62,350 | $113,300 | $158,200 | $211,790 |
Source: Ownwell
Property Tax Bills Across Tull, Arkansas
In Tull, located in Grant 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 Tull is $113,300. Property taxes are determined by multiplying the assessed value by the local tax rate. Several factors influence the tax bill, including the home's size, location, and any applicable exemptions. For instance, the tax bill for homes in the 25th percentile is around $552, while those in the 75th percentile can reach up to $1,469. Homes in the 90th percentile see tax bills as high as $1,945. The highest and lowest median tax bills in the area are both $920, indicating some consistency within specific zip codes. Compared to the national median property tax rate of 0.99%, Tull offers relatively moderate property tax rates, which can significantly impact homeowners by making homeownership more affordable and predictable in this region.
Average Tull Tax Bill
$920
Average Grant County Tax Bill
$770
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Tull, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72015 | $456 | $552 | $920 | $1,469 | $1,945 |
Source: Ownwell