Hermitage, Arkansas Property Taxes
The median property tax rate in Hermitage, Arkansas is 1.02%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Hermitage, the typical annual property tax bill reaches $342, which is significantly lower than the national median of $2,690. Property taxes in Hermitage 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 Hermitage'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 Hermitage 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
Hermitage, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$324
$301
Ownwell’s Hermitage Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hermitage with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hermitage to provide an accurate estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down for more localized information. Your property’s assessed value is determined by Bradley County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hermitage, Arkansas
Property taxes in Hermitage, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hermitage is 1.02%, slightly higher than the U.S. national median of 0.99%. Local government entities within Hermitage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hermitage 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. Understanding how Hermitage's effective property tax rate compares to other counties in Arkansas and the national median provides valuable insights into the varying tax landscape across Bradley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hermitage Tax Rate
1.02%
Average Bradley County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hermitage, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71647 | 0.89% | 1.02% | 1.02% | 1.02% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Hermitage, Arkansas
In Hermitage, 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 Bradley 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 Hermitage, 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 Hermitage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71647 has the highest and lowest median tax bill at $342.00.
Average Hermitage Assessed Value
$31,750
Average Bradley County Assessed Value
$39,800
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hermitage, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71647 | $2,715 | $10,400 | $31,750 | $61,325 | $104,710 |
Source: Ownwell
Property Tax Bills Across Hermitage, Arkansas
Property tax bills in Hermitage, Bradley County, AR are calculated based on the assessed value of a property, which is typically a percentage of its market value. For instance, if the median home price is $31,750, the assessed value would be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and any applicable exemptions. In Hermitage, the 25th percentile tax bill is $129, while the 75th percentile reaches $656, and the 90th percentile can be as high as $1,046. These property taxes significantly impact homeowners, as they contribute to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Hermitage's property taxes offer a relatively affordable option for residents, making it an attractive place for homeownership within Bradley County.
Average Hermitage Tax Bill
$342
Average Bradley County Tax Bill
$393
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hermitage, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71647 | $56 | $129 | $342 | $656 | $1,046 |
Source: Ownwell