Hickory Ridge, Arkansas Property Taxes
The median property tax rate in Hickory Ridge, AR is 0.92%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Hickory Ridge, the typical annual property tax bill amounts to $264, which is considerably lower than the national median of $2,690. Property taxes in Hickory Ridge 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 Hickory Ridge'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 Hickory Ridge 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
Hickory Ridge, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$514
$477
Ownwell’s Hickory Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickory Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory Ridge 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 Hickory Ridge, Arkansas
Property taxes in Hickory Ridge, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory Ridge is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Hickory Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Ridge 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 Hickory Ridge's effective property tax rate to other areas in Jackson County and the national median. For comparison, the 72347 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Hickory Ridge provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Ridge Tax Rate
0.92%
Average Jackson County Tax Rate
0.90%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | 0.15% | 0.41% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Ridge, Arkansas
In Hickory Ridge, 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 Jackson 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 Hickory Ridge, 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 Hickory Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price is $55,850, with tax bills ranging from $98 at the 25th percentile to $1,152 at the 90th percentile, offering significant insight into potential savings.
Average Hickory Ridge Assessed Value
$55,850
Average Jackson County Assessed Value
$45,225
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | $8,460 | $21,275 | $55,850 | $69,775 | $105,930 |
Source: Ownwell
Property Tax Bills Across Hickory Ridge, Arkansas
In Hickory Ridge, property tax bills are calculated based on the assessed value of a home, which is determined by the Jackson County assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. Several factors influence the final tax bill, including the property's market value, location, and any applicable exemptions or deductions. For instance, the median home price in Hickory Ridge is $55,850. Homeowners in the 25th percentile might see a tax bill around $98, while those in the 75th percentile could face a bill of approximately $610. At the higher end, the 90th percentile tax bill can reach up to $1,152. These property taxes fund essential community services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners plan their finances and anticipate their annual obligations.
Average Hickory Ridge Tax Bill
$264
Average Jackson County Tax Bill
$308
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | $34 | $98 | $264 | $610 | $1,152 |
Source: Ownwell