Cotton Plant, Arkansas Property Taxes
The median property tax rate in Cotton Plant, AR is 1.01%, slightly higher than the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Cotton Plant at $16,350, the typical annual property tax bill amounts to $143, which is significantly lower than the national median of $2,690. Property taxes in Cotton Plant are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Cotton Plant'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 Cotton Plant 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
Cotton Plant, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$165
Ownwell’s Cotton Plant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cotton Plant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cotton Plant 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 Cotton Plant, Arkansas
Property taxes in Cotton Plant, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cotton Plant is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Cotton Plant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cotton Plant 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 Cotton Plant's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72036 zip code has the highest median property tax rate of 1.01%, while the same zip code also represents the lowest median tax rate of 1.01%. Understanding how these cities compare with Cotton Plant provides valuable insights into the varying tax landscape across Woodruff County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cotton Plant Tax Rate
1.01%
Average Woodruff County Tax Rate
0.89%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cotton Plant, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72036 | 0.78% | 0.89% | 1.01% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Cotton Plant, Arkansas
In Cotton Plant, 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 Woodruff 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 Cotton Plant, 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 Cotton Plant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $143 in the 72036 zip code, while the lowest is also $143, emphasizing the uniformity in tax assessments within the region.
Average Cotton Plant Assessed Value
$16,350
Average Woodruff County Assessed Value
$44,350
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cotton Plant, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72036 | $2,550 | $6,975 | $16,350 | $34,112 | $73,100 |
Source: Ownwell
Property Tax Bills Across Cotton Plant, Arkansas
In Cotton Plant, located in Woodruff County, AR, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Cotton Plant is $16,350. Property taxes are calculated by applying the local tax rate to this assessed value. Factors such as property size, improvements, and local tax levies influence the final tax bill. For homeowners, this means their annual property tax can vary significantly. For example, the 25th percentile tax bill is around $48, while the 75th percentile is $365, and the 90th percentile can reach up to $848. Comparatively, Cotton Plant's median tax bill of $143 is lower than the national median property tax rate of 0.99%, making it relatively affordable for homeowners. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly.
Average Cotton Plant Tax Bill
$143
Average Woodruff County Tax Bill
$317
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Cotton Plant, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72036 | $23 | $48 | $143 | $365 | $848 |
Source: Ownwell