Mount Vernon, Arkansas Property Taxes
The median property tax rate in Mount Vernon, AR is 0.84%, matching the state median but lower than the national median of 0.99%. With the median home value in Mount Vernon at $68,250, the typical annual property tax bill amounts to $505, significantly below the national median of $2,690. Property taxes in Mount Vernon are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mount Vernon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mount Vernon 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
Mount Vernon, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$573
Ownwell’s Mount Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Vernon 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 Mount Vernon, Arkansas
Property taxes in Mount Vernon, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Mount Vernon's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72111 has both the highest and lowest median property tax rate of 0.84%, highlighting the uniformity in tax rates within this region. Understanding how these rates compare with Mount Vernon provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Vernon Tax Rate
0.84%
Average White County Tax Rate
0.81%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72111 | 0.54% | 0.66% | 0.84% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Arkansas
In Mount Vernon, 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 White 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 Mount Vernon, 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. For instance, the median home price in Mount Vernon is $68,250, with tax bills varying significantly; the 25th percentile tax bill is $191, while the 75th percentile reaches $1,148. The highest and lowest median tax bills in the area are both $505, found in the 72111 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Vernon Assessed Value
$68,250
Average White County Assessed Value
$81,100
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72111 | $9,080 | $23,400 | $68,250 | $154,250 | $220,970 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Arkansas
In Mount Vernon, located in White County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Mount Vernon, the median home price is $68,250. The property tax rate in this region is relatively low compared to the national median property tax rate of 0.99%. Factors considered in determining the tax bill include the property's market value, any applicable exemptions, and local tax levies. Homeowners can see a range of tax bills, with the 25th percentile paying around $191 and the 75th percentile facing bills up to $1,148. At the higher end, the 90th percentile tax bill can reach $1,766. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for Mount Vernon residents.
Average Mount Vernon Tax Bill
$505
Average White County Tax Bill
$632
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72111 | $85 | $191 | $505 | $1,148 | $1,766 |
Source: Ownwell