Hiwasse, Arkansas Property Taxes
The median property tax rate in Hiwasse, AR is 0.76%, lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Hiwasse at $175,742, the typical annual property tax bill is $1,323, significantly below the national median of $2,690. Property taxes in Hiwasse are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hiwasse'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 Hiwasse 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
Hiwasse, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,336
Ownwell’s Hiwasse Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hiwasse with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hiwasse 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 Hiwasse, Arkansas
Property taxes in Hiwasse, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hiwasse is 0.76%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Hiwasse set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hiwasse 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 Hiwasse's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72739 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Hiwasse provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hiwasse Tax Rate
0.76%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hiwasse, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72739 | 0.53% | 0.66% | 0.76% | 0.89% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Hiwasse, Arkansas
In Hiwasse, 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 Benton 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 Hiwasse, 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 Hiwasse helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hiwasse are both $1,323, found in the 72739 zip code.
Average Hiwasse Assessed Value
$175,742
Average Benton County Assessed Value
$211,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hiwasse, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72739 | $73,115 | $102,075 | $175,742 | $234,100 | $303,950 |
Source: Ownwell
Property Tax Bills Across Hiwasse, Arkansas
In Hiwasse, Benton County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners in Hiwasse, the median home price is $175,742. Property taxes are then applied to this assessed value using the local tax rate. Several factors influence the final tax bill, including property location, local government budgets, and the specific tax rate set by Benton County. Homeowners in Hiwasse can expect a range of property tax bills. For instance, the 25th percentile tax bill is around $787, while the 75th percentile tax bill reaches approximately $1,856. At the higher end, the 90th percentile tax bill can be as much as $2,445. These property taxes significantly impact homeowners, contributing to local services such as schools, infrastructure, and emergency services. Although the tax rates in Hiwasse may seem substantial, they are essential for maintaining community amenities and ensuring a high quality of life for residents.
Average Hiwasse Tax Bill
$1,323
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hiwasse, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72739 | $449 | $787 | $1,323 | $1,856 | $2,445 |
Source: Ownwell