Cotton Plant, Arkansas Property Taxes
The median property tax rate in Cotton Plant, AR is 0.89%, which is slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $60,200 in Cotton Plant, the typical annual property tax bill amounts to $564, significantly below the national median of $2,690. Property taxes in Cotton Plant are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cotton Plant'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 Cotton Plant or another part of Monroe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cotton Plant, 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 Cotton Plant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cotton Plant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cotton Plant 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 Cotton Plant, Arkansas
Property taxes in Cotton Plant, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cotton Plant is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Cotton Plant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cotton Plant 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 Cotton Plant's effective property tax rate to other areas in Monroe County and the national median. For comparison, the zip code 72036 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Cotton Plant provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cotton Plant Tax Rate
0.89%
Average Monroe County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cotton Plant, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72036 | 0.75% | 0.88% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Cotton Plant, Arkansas
In Cotton Plant, 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 Monroe County 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. 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 Cotton Plant is $60,200, with tax bills ranging from $371 at the 25th percentile to $1,686 at the 90th percentile. The highest median tax bill is $564, found in the 72036 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cotton Plant Assessed Value
$60,200
Average Monroe County Assessed Value
$34,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cotton Plant, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72036 | $3,810 | $37,825 | $60,200 | $91,725 | $167,640 |
Source: Ownwell
Property Tax Bills Across Cotton Plant, Arkansas
In Cotton Plant, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For example, a home with a median price of $60,200 would have its assessed value determined by the county's assessment ratio. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. In Monroe County, the 25th percentile tax bill is around $371, while the 75th percentile is approximately $810. For homeowners with properties in the 90th percentile, tax bills can reach up to $1,686. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. While the national median property tax rate stands at 0.99%, homeowners in Cotton Plant may experience a different rate, impacting their annual financial planning and overall cost of homeownership.
Average Cotton Plant Tax Bill
$564
Average Monroe County Tax Bill
$356
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cotton Plant, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72036 | $254 | $371 | $564 | $810 | $1,686 |
Source: Ownwell