Tilly, Arkansas Property Taxes
The median property tax rate in Tilly, AR is 0.81%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Tilly at $67,800, the typical annual property tax bill is $490, which is significantly below the national median of $2,690. Property taxes in Tilly are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tilly'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 Tilly 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
Tilly, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$549
Ownwell’s Tilly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tilly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tilly 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 Tilly, Arkansas
Property taxes in Tilly, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tilly is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Tilly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tilly 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 Tilly's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72679 has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Tilly provides valuable insights into the varying tax landscape across Searcy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tilly Tax Rate
0.81%
Average Searcy County Tax Rate
0.76%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tilly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72679 | 0.66% | 0.75% | 0.81% | 0.88% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Tilly, Arkansas
In Tilly, 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 Searcy 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 Tilly, 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 Tilly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72679, with a value of $490.
Average Tilly Assessed Value
$67,800
Average Searcy County Assessed Value
$53,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tilly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72679 | $8,670 | $32,375 | $67,800 | $102,175 | $163,070 |
Source: Ownwell
Property Tax Bills Across Tilly, Arkansas
In Tilly, Searcy County, AR, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. This assessed value is typically a percentage of the market value of the property. For instance, if the median home price is $67,800, the assessed value would be a fraction of this amount, depending on state regulations. Several factors influence your property tax bill, including the property's location, size, and any improvements made. The local tax rate, which is applied to the assessed value, also plays a crucial role. In Tilly, the tax bills vary significantly, with the 25th percentile at $346 and the 75th percentile at $896, indicating a wide range of tax liabilities among homeowners. These property taxes fund essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Tilly might find their tax rates relatively manageable, though individual circumstances can vary widely.
Average Tilly Tax Bill
$490
Average Searcy County Tax Bill
$434
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Tilly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72679 | $121 | $346 | $490 | $896 | $1,441 |
Source: Ownwell