Hot Springs, Arkansas Property Taxes
The median property tax rate in Hot Springs, AR is 0.88%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $104,450 in Hot Springs, the typical annual property tax bill is around $810, which is significantly below the national median of $2,690. Property taxes in Hot Springs are calculated based on the tax-assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural use. Understanding Hot Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hot Springs or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hot Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$919
Ownwell’s Hot Springs Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Hot Springs. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Hot Springs to provide an accurate estimate of your property tax bill. This tool offers clarity on potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Remember, your property’s assessed value is determined by the county and includes any applicable exemptions, ensuring a precise calculation for your property tax obligations.
Property Tax Rates Across Hot Springs, Arkansas
Property taxes in Hot Springs, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Hot Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs 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' 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 0.90%, while the 71909 zip code has the lowest median tax rate of 0.78%. Understanding how these areas compare with Hot Springs 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 Tax Rate
0.88%
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, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | N/A | N/A | N/A | N/A | N/A |
| 71909 | 0.49% | 0.61% | 0.78% | 0.79% | 0.79% |
| 71913 | 0.71% | 0.79% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs, Arkansas
In Hot Springs, 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, 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. The median home price in Hot Springs is $104,450, which can give you a baseline for understanding property valuations. For instance, the zip code 71909 has the highest median tax bill at $1,686, while zip code 71913 has the lowest at $713. 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 Hot Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hot Springs Assessed Value
$104,450
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, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | N/A | N/A | N/A | N/A | N/A |
| 71909 | $113,885 | $149,712 | $223,300 | $313,200 | $315,195 |
| 71913 | $5,950 | $11,950 | $98,200 | $154,600 | $252,370 |
Source: Ownwell
Property Tax Bills Across Hot Springs, Arkansas
In Hot Springs, located in Garland County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Hot Springs is $104,450. Property taxes are influenced by multiple factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, the tax bill can vary significantly. For example, the 25th percentile tax bill is $94, while the 75th percentile tax bill reaches $1,398, and the 90th percentile goes up to $2,404. The highest median tax bill in Hot Springs is found in the 71909 zip code at $1,686, whereas the lowest median tax bill is in the 71913 zip code at $713. These variations impact homeowners by influencing their annual financial obligations and potentially affecting their decisions on property investments. Compared to the national median property tax rate of 0.99%, Hot Springs offers a range of tax bills that can either ease or burden homeowners depending on their specific circumstances.
Average Hot Springs Tax Bill
$810
Average Garland County Tax Bill
$863
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | N/A | N/A | N/A | N/A | N/A |
| 71909 | $768 | $995 | $1,686 | $2,202 | $2,462 |
| 71913 | $52 | $106 | $713 | $1,395 | $1,398 |
Source: Ownwell