Humphrey, Arkansas County, Arkansas Property Taxes
The median property tax rate in Humphrey, AR is 0.70%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Humphrey at $60,250, the typical annual property tax bill is $365, significantly below the national median of $2,690. Property taxes in Humphrey are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Humphrey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Humphrey or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Humphrey, Arkansas County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$422
$391
Ownwell’s Humphrey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Humphrey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Humphrey 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 Humphrey, Arkansas County, Arkansas
Property taxes in Humphrey, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Humphrey is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Humphrey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Humphrey 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 Humphrey's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72073 has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Humphrey provides valuable insights into the varying tax landscape across Arkansas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Humphrey Tax Rate
0.70%
Average Arkansas County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Humphrey, Arkansas County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72073 | 0.19% | 0.44% | 0.70% | 0.81% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Humphrey, Arkansas County, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Humphrey, Arkansas. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the 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. Assessment notices in Humphrey 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. For instance, the median home price in Humphrey is $60,250, with tax bills ranging from $129 at the 25th percentile to $1,720 at the 90th percentile. The highest and lowest median tax bills are both $365 in the 72073 zip code. Understanding these valuation processes helps property owners navigate their tax responsibilities effectively, identify opportunities for protesting assessments, or apply for exemptions to manage their tax burden better.
Property Tax Assessment Values Across Humphrey, Arkansas County, Arkansas
Source: Ownwell
$34,750
$65,623
$96,495
Average Humphrey Assessed Value
$60,250
Average Arkansas County Assessed Value
$70,958
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Humphrey, Arkansas County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72073 | $5,282 | $23,900 | $60,250 | $123,425 | $209,968 |
Source: Ownwell
Property Tax Bills Across Humphrey, Arkansas County, Arkansas
In Humphrey, Arkansas, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the property's market value. For homeowners in Humphrey, the median home price is $60,250. The property tax rate in Arkansas is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Humphrey can expect tax bills that vary significantly. For example, the tax bill at the 25th percentile is $129, while at the 75th percentile, it rises to $942. For those at the 90th percentile, the tax bill can be as high as $1,720. The highest median tax bill recorded in the area is $365, which is consistent across the zip code 72073. These property taxes fund essential public services, such as schools, roads, and emergency services, impacting the overall quality of life and property values in Humphrey.
Average Humphrey Tax Bill
$365
Average Arkansas County Tax Bill
$414
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Humphrey, Arkansas County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72073 | $42 | $129 | $365 | $942 | $1,720 |
Source: Ownwell