Tilly, Arkansas Property Taxes
The median property tax rate in Tilly, AR is 0.88%, 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 Tilly at $73,150, the typical annual property tax bill reaches $780, which is significantly below the national median of $2,690. Property taxes in Tilly are calculated based on the tax assessed value, often lower than the market value due to exemptions like 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 Van Buren County, 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
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Tilly Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tilly with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tilly to provide an estimated property tax bill. This valuable tool offers clarity on potential tax liabilities, helping you make informed decisions. For those interested in more detailed insights, scroll down to explore neighborhood-level trends. Your property's assessed value is determined by the county for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Tilly, Arkansas
Property taxes in Tilly, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tilly is 0.88%, 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 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Tilly provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tilly Tax Rate
0.88%
Average Van Buren County Tax Rate
0.88%
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 | 0.78% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Tilly, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tilly, Arkansas. 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 Van Buren 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 median tax bill in Tilly is $780, with the highest and lowest median tax bills both found in the 72679 zip code.
Average Tilly Assessed Value
$73,150
Average Van Buren County Assessed Value
$61,550
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 | $5,720 | $50,600 | $73,150 | $133,050 | $208,610 |
Source: Ownwell
Property Tax Bills Across Tilly, Arkansas
Property tax bills in Tilly, Van Buren County, AR are calculated based on the assessed value of the property, which is typically a percentage of the market value. The median home price in Tilly is $73,150, and property tax rates are applied to this assessed value to determine the tax bill. Factors such as property location, local tax rates, and any applicable exemptions or deductions also play significant roles in the final calculation. Homeowners in Tilly can expect a range of property tax bills. For instance, the 25th percentile tax bill is around $503, while the 75th percentile tax bill is approximately $1,119. At the higher end, the 90th percentile tax bill can reach up to $1,865. These figures show the variability in property tax burdens, influenced by property values and specific local tax policies. Comparatively, the national median property tax rate is 0.99%, highlighting that Tilly's property tax rates can be quite variable but generally align with broader national trends. For homeowners, understanding these factors is crucial for financial planning and anticipating annual tax obligations.
Average Tilly Tax Bill
$780
Average Van Buren County Tax Bill
$534
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 | $141 | $503 | $780 | $1,119 | $1,865 |
Source: Ownwell