Morrow, Arkansas Property Taxes
The median property tax rate in Morrow, Arkansas is 0.66%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Morrow at $140,025, the typical annual property tax bill amounts to $726, which is well below the national median of $2,690. Property taxes in Morrow are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Morrow's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to notable annual savings. Whether you're in the heart of Morrow or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morrow, 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 Morrow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrow 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 Morrow, Arkansas
Property taxes in Morrow, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrow is 0.66%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Morrow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrow 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 Morrow's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72749 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Morrow provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrow Tax Rate
0.66%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrow, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72749 | 0.31% | 0.39% | 0.66% | 0.71% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Morrow, Arkansas
In Morrow, 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 local 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 Morrow, 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. Morrow's property tax bills vary, with the 25th percentile at $448 and the 75th percentile reaching $1,024. The highest median tax bill is $726 in zip code 72749. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morrow Assessed Value
$140,025
Average Washington County Assessed Value
$274,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrow, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72749 | $21,615 | $79,325 | $140,025 | $206,850 | $268,215 |
Source: Ownwell
Property Tax Bills Across Morrow, Arkansas
In Morrow, Washington County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. For instance, if the median home price in Morrow is $140,025, the assessed value will be a fraction of this amount. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in the local tax rate. For homeowners in Morrow, the 25th percentile tax bill is approximately $448, while the 75th percentile tax bill can go up to $1,024. At the 90th percentile, homeowners might pay around $1,365. These variations significantly impact homeowners, as higher tax bills can affect affordability and overall housing costs. Compared to the national median property tax rate of 0.99%, Morrow’s property tax rates offer a competitive edge for homeowners.
Average Morrow Tax Bill
$726
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrow, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72749 | $303 | $448 | $726 | $1,024 | $1,365 |
Source: Ownwell