Hot Springs Village, Arkansas Property Taxes
The median property tax rate in Hot Springs Village, AR is 0.43%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $184,450 in Hot Springs Village, the typical annual property tax bill amounts to $804, which is well below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Hot Springs Village'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 Village or another part of Garland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hot Springs Village, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$793
Ownwell’s Hot Springs Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hot Springs Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hot Springs Village 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 Hot Springs Village, Arkansas
Property taxes in Hot Springs Village, Arkansas, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs Village is 0.43%, significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Hot Springs Village set these rates annually, and they can vary across different neighborhoods. Each year, Hot Springs Village 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 Village's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71909 has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Hot Springs Village 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 Village Tax Rate
0.43%
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 Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71909 | 0.19% | 0.28% | 0.43% | 0.60% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs Village, Arkansas
In Hot Springs Village, 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 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 Hot Springs Village, 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 Hot Springs Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71909 has the highest and lowest median tax bill at $804.
Property Tax Assessment Values Across Hot Springs Village, Arkansas
Source: Ownwell
$42,475
$151,225
$259,975
Average Hot Springs Village Assessed Value
$184,450
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 Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71909 | $90,540 | $126,600 | $184,450 | $263,500 | $367,210 |
Source: Ownwell
Property Tax Bills Across Hot Springs Village, Arkansas
In Hot Springs Village, 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 local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Hot Springs Village, the median home price is $184,450, with tax bills varying significantly. The 25th percentile tax bill is around $463, while those in the 75th percentile pay approximately $1,289. At the higher end, the 90th percentile tax bill reaches up to $1,976. Compared to the national median property tax rate of 0.99%, the property taxes in Hot Springs Village offer a range of affordability, impacting homeowners differently based on their property’s assessed value. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Hot Springs Village Tax Bill
$804
Average Garland County Tax Bill
$863
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71909 | $224 | $463 | $804 | $1,289 | $1,976 |
Source: Ownwell