Horatio, Arkansas Property Taxes
The median property tax rate in Horatio, AR is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $63,325 in Horatio, the typical annual property tax bill amounts to $482, significantly below the national median of $2,690. Property taxes in Horatio are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Horatio'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 Horatio 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
Horatio, 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 Horatio Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Horatio with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Horatio 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 Horatio, Arkansas
Property taxes in Horatio, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Horatio is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Horatio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Horatio 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 Horatio's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 71842 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Horatio provides valuable insights into the varying tax landscape across Sevier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Horatio Tax Rate
0.77%
Average Sevier County Tax Rate
0.66%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Horatio, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71842 | 0.23% | 0.49% | 0.77% | 1.03% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Horatio, Arkansas
In Horatio, Arkansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Sevier 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 Horatio, 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 Horatio helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Horatio are both $482.00, specifically in the 71842 zip code.
Average Horatio Assessed Value
$63,325
Average Sevier County Assessed Value
$59,025
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Horatio, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71842 | $10,230 | $29,225 | $63,325 | $113,012 | $164,440 |
Source: Ownwell
Property Tax Bills Across Horatio, Arkansas
In Horatio, Sevier County, AR, property tax bills are calculated based on the assessed value of a property, which is derived from a percentage of the market value. Homeowners in Horatio can expect their tax bill to vary depending on several factors, including the property's assessed value and the local tax rate. With a median home price of $63,325, the tax bills in this area range significantly. For instance, the 25th percentile tax bill is around $178, while the 75th percentile reaches $883, and the 90th percentile goes up to $1,360. The assessed value is crucial in determining the tax bill, and the local tax rate is applied to this value to calculate the final amount owed. Comparatively, Horatio's property tax rates are lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be advantageous for homeowners, making property ownership more affordable. However, it's essential for homeowners to stay informed about their property's assessed value and any changes in local tax rates to manage their financial planning effectively.
Average Horatio Tax Bill
$482
Average Sevier County Tax Bill
$344
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Horatio, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71842 | $69 | $178 | $482 | $883 | $1,360 |
Source: Ownwell