Peel, Marion County, Arkansas Property Taxes
The median property tax rate in Peel, Arkansas is 0.86%, slightly higher than the Arkansas state median of 0.84% but lower than the national median of 0.99%. With the median home value in Peel, the typical annual property tax bill reaches $801, which is significantly below the national median of $2,690. Property taxes in Peel are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Peel'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 Peel 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
Peel, Marion County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$855
$794
Ownwell’s Peel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peel 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 Peel, Marion County, Arkansas
Property taxes in Peel, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peel is 0.86%, lower than the U.S. national median of 0.99%. Local government entities within Peel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peel 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 Peel's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72668 ZIP code has both the highest and lowest median property tax rate of 0.86%. Understanding how these areas compare with Peel provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peel Tax Rate
0.86%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peel, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72668 | 0.53% | 0.69% | 0.86% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Peel, Marion County, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Peel, 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 Marion County Assessor's Office 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 Peel, 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 Peel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, Peel's median home price is $99,450, with tax bills ranging from $333 at the 25th percentile to $2,035 at the 90th percentile. Notably, the zip code 72668 has the highest and lowest median tax bill, both at $801.
Property Tax Assessment Values Across Peel, Marion County, Arkansas
Source: Ownwell
$43,525
$118,475
$193,425
Average Peel Assessed Value
$99,450
Average Marion County Assessed Value
$88,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peel, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72668 | $15,140 | $47,675 | $99,450 | $176,575 | $262,930 |
Source: Ownwell
Property Tax Bills Across Peel, Marion County, Arkansas
In Peel, located in Marion County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Peel is $99,450, which serves as a benchmark for calculating property taxes. Factors such as property size, location, and improvements can influence the assessed value. Tax rates, set by local authorities, are then applied to the assessed value to determine the final tax bill. In Peel, the property tax bills vary significantly, with the 25th percentile at $333 and the 75th percentile reaching $1,314. The highest median tax bill in the area is $801, found in the 72668 zip code. This variation affects homeowners differently, with some paying relatively low taxes while others may face higher bills. Compared to the national median property tax rate of 0.99%, Peel's rates reflect the local economic conditions and public service funding needs, impacting the financial planning of homeowners.
Average Peel Tax Bill
$801
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Peel, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72668 | $122 | $333 | $801 | $1,314 | $2,035 |
Source: Ownwell