Monticello, Arkansas Property Taxes
The median property tax rate in Monticello, AR is 0.92%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Monticello at $48,300, the typical annual property tax bill amounts to $393, which is significantly lower than the national median of $2,690. Property taxes in Monticello are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Monticello'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 Monticello or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monticello, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$444
$412
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Arkansas
Property taxes in Monticello, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71655 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across Drew County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
0.92%
Average Lincoln County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71655 | 0.32% | 0.60% | 0.92% | 0.95% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Arkansas
In Monticello, 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 local 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monticello is $48,300, with the 25th percentile tax bill at $160 and the 75th percentile tax bill at $650. The highest and lowest median tax bills are both $393 in the zip code 71655. This context allows property owners to better understand their tax landscape compared to the national median property tax rate of 0.99%.
Average Monticello Assessed Value
$48,300
Average Lincoln County Assessed Value
$43,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71655 | $11,380 | $13,625 | $48,300 | $72,225 | $164,830 |
Source: Ownwell
Property Tax Bills Across Monticello, Arkansas
In Monticello, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. For homeowners, the tax bill is influenced by several factors, including the property's assessed value, the local tax rate, and any applicable exemptions. The median home price in Monticello stands at $48,300, with property tax bills varying significantly across different percentiles. Homeowners in the 25th percentile pay around $160 annually, while those in the 75th percentile face bills of approximately $650. For the top 10% of homeowners, tax bills can reach up to $1,233. These figures highlight the range of property tax burdens within the city. The highest and lowest median tax bills in the area are both $393, found in the zip code 71655. Compared to the national median property tax rate of 0.99%, Monticello's property tax rates offer a relatively affordable option for homeowners, impacting their overall cost of living and financial planning.
Average Monticello Tax Bill
$393
Average Lincoln County Tax Bill
$302
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71655 | $114 | $160 | $393 | $650 | $1,233 |
Source: Ownwell