Manila, Arkansas Property Taxes
The median property tax rate in Manila, AR is 0.87%, slightly higher than the Arkansas state median of 0.84% but below the national median of 0.99%. With the median home value in Manila at $98,728, the typical annual property tax bill amounts to $787, significantly lower than the national median of $2,690. Property taxes in Manila are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Manila'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 Manila or another part of Mississippi County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Manila, 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 Manila Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manila with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manila 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 Manila, Arkansas
Property taxes in Manila, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Manila is 0.87%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Manila set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manila 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 Manila's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72442 has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Manila provides valuable insights into the varying tax landscape across Mississippi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manila Tax Rate
0.87%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manila, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72442 | 0.50% | 0.65% | 0.87% | 1.00% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Manila, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Manila, 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 Mississippi 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 Manila, 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. The median home price in Manila is $98,728. The highest and lowest median tax bills in the area are both $787, found in the 72442 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Manila Assessed Value
$98,728
Average Mississippi County Assessed Value
$66,110
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manila, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72442 | $27,290 | $56,865 | $98,728 | $167,774 | $232,168 |
Source: Ownwell
Property Tax Bills Across Manila, Arkansas
In Manila, Mississippi County, AR, property tax bills are determined by assessing the value of a home and then applying the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Homeowners in Manila can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $382, while the 75th percentile tax bill reaches $1,451, and the 90th percentile tax bill can go up to $2,092. The median home price in Manila is $98,728, which offers a benchmark for understanding these tax figures. Compared to the national median property tax rate of 0.99%, the tax rates in Manila can be seen as relatively moderate. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan their finances accordingly.
Average Manila Tax Bill
$787
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Manila, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72442 | $178 | $382 | $787 | $1,451 | $2,092 |
Source: Ownwell