Hector, Arkansas Property Taxes
The median property tax rate in Hector, AR is 0.98%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $60,350 in Hector, the typical annual property tax bill amounts to $547, which is significantly lower than the national median of $2,690. Property taxes in Hector are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Hector'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 Hector 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
Hector, 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 Hector Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hector with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hector 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 Hector, Arkansas
Property taxes in Hector, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hector is 0.52%, lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Hector set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hector 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 Hector's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in Arkansas is found in Little Rock at 0.87%, while the lowest median tax rate is in Searcy at 0.33%. Understanding how these cities compare with Hector provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hector Tax Rate
0.98%
Average Pope County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72843 | 0.64% | 0.84% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Hector, Arkansas
In Hector, 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 Pope 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 Hector, 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 Hector helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $547.00, both found in the 72843 zip code.
Average Hector Assessed Value
$60,350
Average Pope County Assessed Value
$105,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72843 | $9,000 | $28,225 | $60,350 | $112,650 | $181,100 |
Source: Ownwell
Property Tax Bills Across Hector, Arkansas
In Hector, Pope County, AR, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. The median home price in Hector is $60,350. Homeowners in this area can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is about $283, while at the 75th percentile, it rises to $1,012. The top 10% of property tax bills can reach up to $1,682. Several factors influence these amounts, including the property's assessed value and the local tax rate. This variability means that while some homeowners may find their tax bills manageable, others could face a more substantial financial burden. Compared to the national median property tax rate of 0.99%, Hector's property tax rates offer a range of financial impacts on its residents, reflecting both the diversity of property values and the local economic conditions.
Average Hector Tax Bill
$547
Average Pope County Tax Bill
$927
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hector, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72843 | $132 | $283 | $547 | $1,012 | $1,682 |
Source: Ownwell