Monticello, Drew County, Arkansas Property Taxes

Name: Property Tax Bills Across Monticello, Drew County, Arkansas
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Monticello, AR effective property tax rate: 0.79%, significantly lower than the national median of 1.02%, but lower than the Arkansas state median of 0.84%.
Median Monticello, AR home value: $68,600
Median annual Monticello, AR tax bill: $498, $1,902 lower than the national median property tax bill of $2,400.

How are property taxes in Drew County calculated?

Property taxes in Monticello, AR are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Monticello’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Monticello, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Monticello, Drew County, Arkansas Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.79%

Estimate Property Tax Bill

$542

$503

Ownwell’s Monticello Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, our calculator applies Monticello’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Drew County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Monticello, Drew County, Arkansas

Local government entities in Arkansas set property tax rates, which can vary widely within the state. Each year, Drew County estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Monticello, located in Drew County, has an effective property tax rate of 0.79%. When compared to the national median property tax rate of 1.02%, Monticello's rate is notably lower. This lower rate can be appealing to homeowners seeking to minimize their property tax bills. Moreover, the median property tax bill in Arkansas is often more affordable than the national median of $2,400. This affordability, combined with the lower tax rate, makes Monticello an attractive option for those looking to reduce their property tax expenses while still enjoying the benefits of local services funded by these taxes.

Property Tax Rates Across Monticello, Drew County, Arkansas

Source: Ownwell

0.74%

0.86%

0.98%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Monticello Tax Rate

0.79%

Median Effective Drew County Tax Rate

0.81%

Median Effective Arkansas Tax Rate

0.84%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Monticello, Drew County, Arkansas

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
71655	0.18%	0.48%	0.79%	0.91%	0.96%

Source: Ownwell

Property Tax Assessment Values Across Monticello, Drew County, Arkansas

When examining property taxes in Monticello, AR, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Drew County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Drew County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Monticello. For example, the median home price in Monticello is $68,600, with tax bills ranging significantly across the county. Zip code 71655 has the highest median home price at $68,600.

Property Tax Assessment Values Across Monticello, Drew County, Arkansas

Source: Ownwell

$20,325

$44,463

$68,600

Median Monticello Market Value

$68,600

Median Drew County Market Value

$62,550

Median Arkansas Market Value

$113,950

Median United States Market Value

$235,294

Property Tax Assessment Values Across Monticello, Drew County, Arkansas

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
71655	$15,535	$32,850	$68,600	$141,025	$217,380

Source: Ownwell

Property Tax Bills Across Monticello, Drew County, Arkansas

In Monticello, Drew County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Monticello is $68,600. Property tax rates are applied to this assessed value to determine the annual tax bill. In this area, the median property tax bill is $498, significantly lower than the national median of $2,400. Homeowners in Monticello might see tax bills as low as $198 at the 25th percentile, while those at the 90th percentile may pay up to $1,712. Factors such as local tax rates and property assessments influence these amounts. For homeowners seeking relief, Ownwell offers services to appeal property tax assessments, potentially lowering the tax burden. By analyzing property data and identifying discrepancies, Ownwell can help ensure homeowners are not overpaying on their property taxes, providing significant savings and peace of mind.

Property Tax Bills Across Monticello, Drew County, Arkansas

Source: Ownwell

$106

$302

$498

Median Monticello Tax Bill

$498

Median Drew County Tax Bill

$445

Median Arkansas Tax Bill

$877

Median United States Tax Bill

$2,400

Property Tax Bills Across Monticello, Drew County, Arkansas

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
71655	$66	$198	$498	$1,036	$1,712

Source: Ownwell