Hoxie, Arkansas Property Taxes
The median property tax rate in Hoxie, AR is 0.66%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Hoxie at $70,622, the typical annual property tax bill amounts to $431, which is well below the national median of $2,690. Property taxes in Hoxie are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Hoxie's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hoxie or another part of Lawrence County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hoxie, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$466
Ownwell’s Hoxie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hoxie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hoxie 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 Hoxie, Arkansas
Property taxes in Hoxie, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hoxie is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Hoxie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hoxie 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 Hoxie's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72433 zip code has the highest median property tax rate of 0.66%, while the 72433 zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Hoxie provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hoxie Tax Rate
0.66%
Average Lawrence County Tax Rate
0.63%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hoxie, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72433 | 0.46% | 0.58% | 0.66% | 0.71% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Hoxie, Arkansas
In Hoxie, 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 Lawrence 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 Hoxie, 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 Hoxie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hoxie is $70,622, with tax bills ranging from $301 at the 25th percentile to $988 at the 90th percentile. The highest and lowest median tax bills, both at $431, are found in the 72433 zip code.
Average Hoxie Assessed Value
$70,622
Average Lawrence County Assessed Value
$77,245
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hoxie, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72433 | $30,218 | $47,366 | $70,622 | $103,275 | $155,483 |
Source: Ownwell
Property Tax Bills Across Hoxie, Arkansas
In Hoxie, located in Lawrence County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, and this amount is then multiplied by the local tax rate. For instance, with a median home price of $70,622, homeowners can expect their tax bills to vary. The 25th percentile tax bill stands at $301, while the 75th percentile reaches $638. At the higher end, the 90th percentile tax bill is $988. These figures illustrate the range homeowners might experience depending on their property's assessed value and applicable exemptions. The local tax rate in Hoxie is an essential factor, especially when compared to the national median property tax rate of 0.99%. Homeowners in this area benefit from relatively lower tax rates, reducing their overall financial burden. Understanding these factors helps homeowners anticipate their annual property tax obligations, making it easier to budget and plan for future expenses.
Average Hoxie Tax Bill
$431
Average Lawrence County Tax Bill
$469
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hoxie, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72433 | $187 | $301 | $431 | $638 | $988 |
Source: Ownwell