Hazen, Arkansas Property Taxes
The median property tax rate in Hazen, AR is 0.72%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Hazen, the typical annual property tax bill reaches $381, significantly below the national median of $2,690. Property taxes in Hazen 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 Hazen'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 Hazen or another part of Prairie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hazen, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$434
Ownwell’s Hazen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hazen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hazen 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 Hazen, Arkansas
Property taxes in Hazen, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hazen is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Hazen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazen 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 Hazen's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72064 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Hazen provides valuable insights into the varying tax landscape across Prairie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hazen Tax Rate
0.72%
Average Prairie County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hazen, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72064 | 0.17% | 0.37% | 0.72% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Hazen, Arkansas
In Hazen, 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 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 Hazen, 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. The zip code with both the highest and lowest median tax bills in Hazen is 72064, with a median tax bill of $381. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hazen Assessed Value
$60,250
Average Prairie County Assessed Value
$51,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hazen, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72064 | $15,980 | $35,925 | $60,250 | $94,100 | $145,780 |
Source: Ownwell
Property Tax Bills Across Hazen, Arkansas
Property tax bills in Hazen, Prairie County, Arkansas, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, typically determined by the county assessor. For homeowners in Hazen, the median home price is $60,250. The tax rate applied to this assessed value will determine the final tax bill. Various factors influence the tax bill, including the property's location, size, and condition. In Hazen, the 25th percentile tax bill is $169, while the 75th percentile tax bill is $657, and the 90th percentile tax bill can reach up to $1,128. These figures show how property taxes can vary significantly within the city. Compared to the national median property tax rate of 0.99%, Hazen's tax bills can be relatively moderate, providing some financial relief to homeowners. However, understanding these factors is crucial for budgeting and financial planning, ensuring homeowners are prepared for their annual property tax obligations.
Average Hazen Tax Bill
$381
Average Prairie County Tax Bill
$335
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hazen, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72064 | $73 | $169 | $381 | $657 | $1,128 |
Source: Ownwell