Wilmar, Arkansas Property Taxes
The median property tax rate in Wilmar, AR is 0.83%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Wilmar at $34,200, the typical annual property tax bill is $157, significantly below the national median of $2,690. Property taxes in Wilmar 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 Wilmar'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 Wilmar 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
Wilmar, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Wilmar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmar 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 Wilmar, Arkansas
Property taxes in Wilmar, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmar is 0.83%, which is below the U.S. national median of 0.99%. Local government entities within Wilmar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmar 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 Wilmar's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71675 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Wilmar provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilmar Tax Rate
0.83%
Average Lincoln County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71675 | 0.12% | 0.23% | 0.83% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Wilmar, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wilmar, 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 Lincoln 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 Wilmar, 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. For instance, the median home price in Wilmar is $34,200, with tax bills ranging from $115 at the 25th percentile to $1,386 at the 90th percentile. The zip code 71675 has both the highest and lowest median tax bill at $157. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wilmar Assessed Value
$34,200
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 Wilmar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71675 | $12,560 | $17,100 | $34,200 | $63,650 | $153,380 |
Source: Ownwell
Property Tax Bills Across Wilmar, Arkansas
Property tax bills in Wilmar, located in Lincoln County, AR, are calculated based on the assessed value of a property, which is determined by a percentage of its market value. Homeowners in Wilmar typically see a median home price of $34,200. The tax rate in this area is relatively low compared to the national median property tax rate of 0.99%. Factors considered in calculating the tax bill include the property's assessed value and the local tax rate. The tax bills in Wilmar vary significantly, with the 25th percentile at $115 and the 75th percentile at $433. The highest tax bills can reach up to $1,386, representing the 90th percentile. For homeowners, these property tax bills can impact their overall housing costs and affordability. Compared to national figures, Wilmar offers a more affordable property tax environment, which can be a significant benefit for residents looking to manage their expenses effectively.
Average Wilmar Tax Bill
$157
Average Lincoln County Tax Bill
$302
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmar, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71675 | $19 | $115 | $157 | $433 | $1,386 |
Source: Ownwell