Wesley, Arkansas Property Taxes
The median property tax rate in Wesley, AR is 0.45%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Wesley at $237,050, the typical annual property tax bill amounts to $974, which is substantially less than the national median of $2,690. Property taxes in Wesley 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 Wesley'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 Wesley 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
Wesley, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,067
$990
Ownwell’s Wesley Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Wesley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wesley 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 Wesley, Arkansas
Property taxes in Wesley, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wesley is 0.45%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Wesley set these rates annually, and they can vary across different neighborhoods. Each year, Wesley 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 Wesley's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72773 has both the highest and lowest median property tax rate in the county at 0.45%. Understanding how these areas compare with Wesley 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 Wesley Tax Rate
0.45%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wesley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72773 | 0.25% | 0.31% | 0.45% | 0.63% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Wesley, Arkansas
In Wesley, 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 Washington 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 Wesley, 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. The median home price in Wesley stands at $237,050, with tax bills ranging from $485 at the 25th percentile to $2,564 at the 90th percentile. 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 Wesley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wesley Assessed Value
$237,050
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 Wesley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72773 | $77,030 | $165,912 | $237,050 | $363,962 | $484,975 |
Source: Ownwell
Property Tax Bills Across Wesley, Arkansas
In Wesley, located in Washington County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the home's market value, typically around 20% in Arkansas. This value is then multiplied by the local tax rate to determine the tax bill. For homeowners in Wesley, the median home price is $237,050. The property tax rate in Arkansas is relatively low compared to the national median of 0.99%. As a result, the property tax bills in Wesley can vary significantly. For instance, the 25th percentile tax bill is $485, while the 75th percentile tax bill reaches $1,756, and the 90th percentile tax bill can go up to $2,564. These taxes fund essential services such as public schools, infrastructure, and emergency services. Homeowners in Wesley benefit from relatively lower property taxes, which can make homeownership more affordable compared to other regions with higher tax rates.
Average Wesley Tax Bill
$974
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Wesley, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72773 | $324 | $485 | $974 | $1,756 | $2,564 |
Source: Ownwell