Friendship, Arkansas Property Taxes
The median property tax rate in Friendship, AR is 0.95%, which is lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Friendship at $53,625, the typical annual property tax bill amounts to $280, significantly below the national median of $2,690. Property taxes in Friendship 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 Friendship'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 Friendship 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
Friendship, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$509
Ownwell’s Friendship Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Friendship with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Friendship to provide a clear estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in more granular trends, additional localized information is available. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Friendship, Arkansas
Property taxes in Friendship, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Friendship is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Friendship set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friendship 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 Friendship's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71942 has the highest median property tax rate of 0.95%, while the same zip code has the lowest median tax rate of 0.95%. Understanding how these areas compare with Friendship provides valuable insights into the varying tax landscape across Hot Spring County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Friendship Tax Rate
0.95%
Average Hot Spring County Tax Rate
0.79%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Friendship, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71942 | 0.24% | 0.49% | 0.95% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Friendship, Arkansas
In Friendship, 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 Hot Spring 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 Friendship, 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 Friendship helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71942 has both the highest and lowest median tax bills at $280, highlighting the variability in property tax burdens within the area.
Average Friendship Assessed Value
$53,625
Average Hot Spring County Assessed Value
$64,425
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Friendship, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71942 | $7,380 | $17,825 | $53,625 | $98,450 | $126,440 |
Source: Ownwell
Property Tax Bills Across Friendship, Arkansas
In Friendship, located in Hot Spring County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Friendship is $53,625. Property taxes are then determined by applying the local tax rate to this assessed value. Several factors influence the tax bill, including the property's market value, assessment ratio, and the local tax rate. For instance, homeowners in Friendship can expect their tax bills to vary significantly, with the 25th percentile paying around $99 and the 75th percentile paying up to $568. The highest median tax bill in the area is $280, located in the 71942 zip code. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners. Compared to the national median property tax rate of 0.99%, Friendship's rates can be relatively affordable, making it an attractive option for property owners seeking lower tax burdens.
Average Friendship Tax Bill
$280
Average Hot Spring County Tax Bill
$477
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Friendship, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71942 | $55 | $99 | $280 | $568 | $845 |
Source: Ownwell