Gillham, Arkansas Property Taxes
The median property tax rate in Gillham, Arkansas is 0.54%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $55,225 in Gillham, the typical annual property tax bill is around $263, which is well below the national median of $2,690. Property taxes in Gillham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Gillham'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 Gillham or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gillham, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$298
$277
Ownwell’s Gillham Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Gillham with just two key inputs. By entering your property's estimated assessed value, the calculator leverages the median tax rate in Gillham to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Gillham, Arkansas
Property taxes in Gillham, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gillham is 0.54%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Gillham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gillham 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 Gillham's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71841 zip code has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Gillham provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gillham Tax Rate
0.54%
Average Polk County Tax Rate
0.42%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gillham, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71841 | 0.11% | 0.25% | 0.54% | 0.74% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Gillham, Arkansas
In Gillham, 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 Polk 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 Gillham, 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 Gillham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71841 in Gillham has the highest median tax bill at $263, offering a benchmark for property owners in the area.
Average Gillham Assessed Value
$55,225
Average Polk County Assessed Value
$91,300
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gillham, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71841 | $14,950 | $27,950 | $55,225 | $103,662 | $136,650 |
Source: Ownwell
Property Tax Bills Across Gillham, Arkansas
In Gillham, located in Polk County, AR, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. For homeowners, the median home price stands at $55,225. The tax rate applied to this assessed value then determines the final tax bill. Factors such as the property's location, improvements, and local tax rates play a crucial role in this calculation. The median property tax bill in Gillham is $263, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $128, while those in the 75th percentile face a tax bill of approximately $355. At the 90th percentile, the tax bill can rise to $573. These figures illustrate the range of property tax obligations that residents might encounter, depending on the value and characteristics of their property. This lower tax burden can be advantageous for homeowners, providing them with more disposable income compared to regions with higher property tax rates.
Average Gillham Tax Bill
$263
Average Polk County Tax Bill
$350
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gillham, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71841 | $51 | $128 | $263 | $355 | $573 |
Source: Ownwell