71655 Property Tax Rate

Property owners in ZIP code 71655 (Monticello, Arkansas) pay a median of $589/year in property taxes on homes valued at $132,500. This translates to an effective tax rate of 0.44%, which is 23% below the Arkansas state average of 0.58%.

The monthly property tax burden for a median-valued home in 71655 is approximately $49, which factors into escrow payments on mortgages. This ZIP code is located within Drew County.

Compared to similar ZIP codes in Arkansas, 71655 has higher property taxes. ZIP codes with similar effective rates include 71957 (0.44%) and 72930 (0.44%).

In Monticello, property taxes represent approximately 1.4% of the median household income of $40,878, providing context for the relative tax burden on homeowners in this area.

Arkansas reassesses all property to market value upon purchase with no annual increase cap, so expect your first bill to be calculated at the sale price. Drew County homeowners with household income below $27,000 may qualify for the Homestead Property Tax Credit; file your application with the Drew County Assessor or the Arkansas Department of Finance and Administration before the annual deadline. Request information on the Homestead Property Tax Credit from the Drew County Assessor's office and submit your application immediately if you meet the income requirement.