Wheatley, Arkansas Property Taxes
The median property tax rate in Wheatley, AR is 0.90%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Wheatley being $37,100, the typical annual property tax bill is $278, which is significantly below the national median of $2,690. Property taxes in Wheatley 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 Wheatley'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 Wheatley 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
Wheatley, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$334
$310
Ownwell’s Wheatley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheatley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheatley 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 Wheatley, Arkansas
Property taxes in Wheatley, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheatley is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Wheatley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheatley 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 Wheatley's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 72392 zip code in Monroe County has a median property tax rate of 0.90%, identical to Wheatley's rate. Understanding how these areas compare with Wheatley 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 Wheatley Tax Rate
0.90%
Average Monroe County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheatley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72392 | 0.48% | 0.71% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Wheatley, Arkansas
In Wheatley, 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. In Wheatley, 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 Wheatley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wheatley both stand at $278, specifically in the 72392 zip code.
Average Wheatley Assessed Value
$37,100
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 Wheatley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72392 | $19,335 | $29,012 | $37,100 | $56,775 | $67,705 |
Source: Ownwell
Property Tax Bills Across Wheatley, Arkansas
Property tax bills in Wheatley, located in Monroe County, AR, are calculated based on the assessed value of a property, which is derived from its market value. The median home price in Wheatley is $37,100. To determine the tax bill, the assessed value is multiplied by the local property tax rate. Factors such as property size, location, and improvements can influence the assessed value. In Wheatley, property tax bills vary significantly, with the 25th percentile paying around $185, the 75th percentile paying $504, and the 90th percentile paying up to $609 annually. The median property tax bill in Wheatley stands at $278, which is significantly lower than the national median property tax rate of 0.99%. This relatively low property tax burden can be beneficial for homeowners, making it more affordable to own property in Wheatley compared to other regions. However, it also means that local services funded by property taxes may have limited resources.
Average Wheatley Tax Bill
$278
Average Monroe County Tax Bill
$356
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheatley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72392 | $104 | $185 | $278 | $504 | $609 |
Source: Ownwell