Ulm, Arkansas Property Taxes
The median property tax rate in ULM, AR is 0.63%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in ULM at $47,350, the typical annual property tax bill reaches $282, significantly below the national median of $2,690. Property taxes in ULM 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 ULM'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 ULM 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
Ulm, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$298
Ownwell’s ULM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ULM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ULM 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 Ulm, Arkansas
Property taxes in ULM, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ULM is 0.63%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within ULM set these rates annually, and they can vary significantly across different neighborhoods. Each year, ULM 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 ULM's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72170 ZIP code has the highest median property tax rate of 0.63%, while the same ZIP code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with ULM provides valuable insights into the varying tax landscape across Prairie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ulm Tax Rate
0.63%
Average Prairie County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ulm, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72170 | 0.15% | 0.31% | 0.63% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Ulm, Arkansas
In ULM, 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 Prairie 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 ULM, 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 ULM helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in ULM is $47,350, with the highest and lowest median tax bills both at $282 in zip code 72170.
Average Ulm Assessed Value
$47,350
Average Prairie County Assessed Value
$51,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ulm, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72170 | $18,265 | $35,288 | $47,350 | $69,300 | $102,540 |
Source: Ownwell
Property Tax Bills Across Ulm, Arkansas
In ULM, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the home's location, size, and condition can influence the assessed value, while the local government's budget needs and tax rate ultimately affect the final bill. For homeowners in ULM, the median home price is $47,350. Property tax bills can vary significantly, with the 25th percentile at $162 and the 75th percentile at $498, indicating a range in what homeowners might expect to pay. The 90th percentile tax bill reaches up to $781. This variability highlights how different factors can influence the tax bill, making it crucial for homeowners to understand their property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, ULM's property taxes offer a relatively affordable option for homeowners.
Average Ulm Tax Bill
$282
Average Prairie County Tax Bill
$335
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ulm, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72170 | $74 | $162 | $282 | $498 | $781 |
Source: Ownwell