Wheatley, Arkansas Property Taxes
The median property tax rate in Wheatley, AR is 0.67%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $128,900 in Wheatley, the typical annual property tax bill is $869, which is well below the national median of $2,690. Property taxes in Wheatley are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wheatley's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wheatley or another part of Lee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wheatley, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$864
$801
Ownwell’s Wheatley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheatley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheatley 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 Wheatley, Arkansas
Property taxes in Wheatley, Arkansas, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheatley is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Wheatley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheatley 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 Wheatley's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72392 zip code has the highest median property tax rate of 0.67%, while the same 72392 zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Wheatley provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wheatley Tax Rate
0.67%
Average Lee County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheatley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72392 | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Wheatley, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wheatley, Arkansas. The market value represents 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 for tax purposes. On the other hand, 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 Wheatley, 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 Wheatley is $128,900, and understanding these valuation concepts can help property owners better navigate their tax responsibilities. For instance, the median tax bill in the 25th percentile is $855, while in the 75th percentile, it is $3,201, and in the 90th percentile, it reaches $4,600. The zip code 72392 has the highest and lowest median tax bill of $869. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Wheatley Assessed Value
$128,900
Average Lee County Assessed Value
$41,075
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wheatley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72392 | $125,700 | $126,900 | $128,900 | $474,925 | $682,540 |
Source: Ownwell
Property Tax Bills Across Wheatley, Arkansas
In Wheatley, 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 Wheatley is $128,900. Tax rates are applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect to pay around $855 annually, while those in the 75th percentile might see bills as high as $3,201. At the 90th percentile, tax bills can reach up to $4,600. The highest median tax bill in the area is $869, which is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property location, market trends, and local government budgets. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Wheatley Tax Bill
$869
Average Lee County Tax Bill
$285
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheatley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72392 | $847 | $855 | $869 | $3,201 | $4,600 |
Source: Ownwell