Marvell, Arkansas Property Taxes
The median property tax rate in Marvell, AR is 0.87%, 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 Marvell at $34,650, the typical annual property tax bill is $278, which is significantly below the national median of $2,690. Property taxes in Marvell are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Marvell'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 Marvell 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
Marvell, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$301
$280
Ownwell’s Marvell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marvell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marvell 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 Phillips County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Marvell, Arkansas
Property taxes in Marvell, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marvell is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Marvell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marvell 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 Marvell's effective property tax rate to other areas in Phillips County and the national median. For comparison, the zip code 72366 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Marvell provides valuable insights into the varying tax landscape across Phillips County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marvell Tax Rate
0.87%
Average Phillips County Tax Rate
0.97%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marvell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72366 | 0.20% | 0.41% | 0.87% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Marvell, Arkansas
In Marvell, 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 Phillips 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 Marvell, 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. In Marvell, the highest and lowest median tax bills are both found in the 72366 zip code, with a median tax bill of $278. Being aware of these valuation processes in Marvell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marvell Assessed Value
$34,650
Average Phillips County Assessed Value
$31,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marvell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72366 | $11,720 | $19,750 | $34,650 | $65,550 | $111,610 |
Source: Ownwell
Property Tax Bills Across Marvell, Arkansas
Property tax bills in Marvell, located in Phillips County, AR, are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners in Marvell, the median home price is $34,650. Once the home’s assessed value is determined, the local tax rate is applied to calculate the annual tax bill. Factors such as property size, location, and any applicable exemptions or deductions also play a crucial role in determining the final tax amount. For instance, tax bills in Marvell can vary significantly. At the 25th percentile, homeowners might pay around $137 annually, while those at the 75th percentile could see bills as high as $493. The 90th percentile tax bill reaches up to $792. Compared to the national median property tax rate of 0.99%, Marvell’s property taxes are relatively modest, which can be a financial relief for homeowners. However, it’s essential for property owners to stay informed about local tax rates and assessments to manage their financial planning effectively.
Average Marvell Tax Bill
$278
Average Phillips County Tax Bill
$283
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Marvell, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72366 | $64 | $137 | $278 | $493 | $792 |
Source: Ownwell