Hot Springs National Park, Arkansas Property Taxes
The median property tax rate in Hot Springs National Park, AR, is 0.85%, slightly below the national median of 0.99% but just above the Arkansas state median of 0.84%. With a median home value of $20,000 in Hot Springs National Park, the typical annual property tax bill is approximately $170, significantly lower than the national median of $2,690. Property taxes in Hot Springs National Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding the property tax system in Hot Springs National Park, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hot Springs National Park 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
Hot Springs National Park, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$170
Ownwell’s Hot Springs National Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hot Springs National Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hot Springs National Park 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 National Park, Arkansas
Property taxes in Hot Springs National Park, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs National Park is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Hot Springs National Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs National Park 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 National Park's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71901 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Hot Springs National Park provides valuable insights into the varying tax landscape across Baxter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs National Park Tax Rate
0.85%
Average Baxter County Tax Rate
0.65%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs National Park, Arkansas
In Hot Springs National Park, 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 local 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 National Park, 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 National Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in this area is $20,000, with the highest and lowest median tax bills both being $170 in zip code 71901.
Property Tax Assessment Values Across Hot Springs National Park, Arkansas
Source: Ownwell
$20,000
$206,825
$393,650
Average Hot Springs National Park Assessed Value
$20,000
Average Baxter County Assessed Value
$137,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 |
Source: Ownwell
Property Tax Bills Across Hot Springs National Park, Arkansas
In Hot Springs National Park, located in Baxter County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by local assessors. For homeowners, the tax bill is influenced by several factors, including the assessed value of their property, the local tax rate, and any applicable exemptions or deductions. In this region, the median home price is $20,000, and the tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $170. This uniformity suggests a stable property tax environment. The highest and lowest median tax bills are both $170, found in the zip code 71901. Comparatively, the national median property tax rate is 0.99%, which can provide a benchmark for homeowners to understand how their local rates measure up. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Hot Springs National Park Tax Bill
$170
Average Baxter County Tax Bill
$862
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $170 | $170 | $170 | $170 | $170 |
Source: Ownwell