Hot Springs National Park, Arkansas Property Taxes
The median property tax rate in Hot Springs National Park, AR, is 0.61%, considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Hot Springs National Park at $166,200, the typical annual property tax bill reaches $942, significantly below the national median of $2,690. Property taxes in Hot Springs National Park are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hot Springs National Park'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 Hot Springs National Park 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
Hot Springs National Park, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Hot Springs National Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hot Springs National Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hot Springs National Park 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 Garland County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hot Springs National Park, Arkansas
Property taxes in Hot Springs National Park, Arkansas, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs National Park is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Hot Springs National Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs National Park 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 Hot Springs National Park's effective property tax rate to other areas in Garland County and the national median. For comparison, the 71913 zip code has the highest median property tax rate of 0.61%, while the 71901 zip code has the lowest median tax rate of 0.60%. Understanding how these areas compare with Hot Springs National Park provides valuable insights into the varying tax landscape across Garland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs National Park Tax Rate
0.61%
Average Garland County Tax Rate
0.59%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | 0.20% | 0.40% | 0.60% | 0.77% | 0.90% |
| 71913 | 0.22% | 0.40% | 0.61% | 0.76% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs National Park, Arkansas
In Hot Springs National Park, 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 Garland County Assessor 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 Hot Springs National Park, 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. For instance, the highest median tax bill in the area is $1,050 in the 71913 zip code, while the lowest median tax bill is $747 in the 71901 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hot Springs National Park, Arkansas
Source: Ownwell
$42,475
$151,225
$259,975
Average Hot Springs National Park Assessed Value
$166,200
Average Garland County Assessed Value
$162,300
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $30,605 | $62,550 | $133,750 | $240,388 | $375,865 |
| 71913 | $48,220 | $95,400 | $182,250 | $320,500 | $579,140 |
Source: Ownwell
Property Tax Bills Across Hot Springs National Park, Arkansas
In Hot Springs National Park, located in Garland County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Several factors are considered in this calculation, including the home's location, size, and condition. The local tax rate is then applied to the assessed value to determine the annual property tax bill. For homeowners, this means that properties with higher market values or located in more desirable areas tend to have higher tax bills. In Hot Springs National Park, the median home price is $166,200, and tax bills can vary significantly. For instance, tax bills at the 25th percentile are around $432, while those at the 75th percentile reach up to $1,876. In certain areas, like the 71913 zip code, the median tax bill can be as high as $1,050, compared to $747 in the 71901 zip code. This variation highlights the importance of understanding local property assessments and tax rates for homeowners.
Average Hot Springs National Park Tax Bill
$942
Average Garland County Tax Bill
$863
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $149 | $341 | $747 | $1,521 | $2,650 |
| 71913 | $222 | $494 | $1,050 | $2,072 | $3,750 |
Source: Ownwell