Mount Ida, Montgomery County, Arkansas Property Taxes
The median property tax rate in Mount Ida, AR is 0.54%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Mount Ida at $135,850, the typical annual property tax bill reaches $636, well below the national median of $2,690. Property taxes in Mount Ida 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 Mount Ida'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 Mount Ida 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
Mount Ida, Montgomery County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$734
$681
Ownwell’s Mount Ida Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Ida with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Ida 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 Mount Ida, Montgomery County, Arkansas
Property taxes in Mount Ida, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Ida is 0.54%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Mount Ida set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Ida 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 Mount Ida's effective property tax rate to other regions in Arkansas and the national median. For comparison, the zip code 71957 has the highest median property tax rate of 0.54%, while it also has the lowest median tax rate of 0.54%. Understanding how these areas compare with Mount Ida provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Ida Tax Rate
0.54%
Average Montgomery County Tax Rate
0.50%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Ida, Montgomery County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71957 | 0.15% | 0.32% | 0.54% | 0.63% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Mount Ida, Montgomery County, Arkansas
In Mount Ida, 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 Montgomery 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 in Mount Ida 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 Mount Ida helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $636.00 in zip code 71957.
Property Tax Assessment Values Across Mount Ida, Montgomery County, Arkansas
Source: Ownwell
$135,850
$135,850
$135,850
Average Mount Ida Assessed Value
$135,850
Average Montgomery County Assessed Value
$93,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Ida, Montgomery County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71957 | $31,020 | $70,250 | $135,850 | $225,800 | $359,600 |
Source: Ownwell
Property Tax Bills Across Mount Ida, Montgomery County, Arkansas
Property tax bills in Mount Ida, Montgomery County, AR, are calculated based on the assessed value of a property, which is typically a percentage of its market value. In this region, the median home price stands at $135,850. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For Mount Ida, property tax rates are relatively low compared to the national median property tax rate of 0.99%. Homeowners in Mount Ida can expect their property tax bills to vary widely. For example, the tax bill at the 25th percentile is $287, while at the 75th percentile, it rises to $1,220. At the higher end, the 90th percentile tax bill reaches $1,992. The highest median tax bill recorded in the area is $636, which is the same for the lowest median tax bill, indicating a uniformity in tax assessments within the specific zip code 71957. These property tax bills significantly impact homeowners by influencing their overall housing costs and affordability.
Average Mount Ida Tax Bill
$636
Average Montgomery County Tax Bill
$397
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Ida, Montgomery County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71957 | $108 | $287 | $636 | $1,220 | $1,992 |
Source: Ownwell