Hickory Ridge, Arkansas Property Taxes
The median property tax rate in Hickory Ridge, AR is 0.99%, aligning with the national median and slightly above the Arkansas state median of 0.84%. With a median home value of $43,675 in Hickory Ridge, the typical annual property tax bill is $372, significantly lower than the national median of $2,690. Property taxes in Hickory Ridge 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 Hickory Ridge'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 Hickory Ridge 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
Hickory Ridge, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$432
Ownwell’s Hickory Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickory Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory Ridge 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 Hickory Ridge, Arkansas
Property taxes in Hickory Ridge, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory Ridge is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Hickory Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Ridge 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 Hickory Ridge's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72347 zip code has the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Hickory Ridge provides valuable insights into the varying tax landscape across Cross County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Ridge Tax Rate
0.99%
Average Cross County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | 0.15% | 0.52% | 0.99% | 0.99% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Ridge, Arkansas
In Hickory Ridge, 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 Cross 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 Hickory Ridge, 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 Hickory Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hickory Ridge is $43,675, with the highest and lowest median tax bills both at $372 in zip code 72347.
Average Hickory Ridge Assessed Value
$43,675
Average Cross County Assessed Value
$66,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | $13,560 | $25,150 | $43,675 | $88,562 | $177,615 |
Source: Ownwell
Property Tax Bills Across Hickory Ridge, Arkansas
In Hickory Ridge, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Hickory Ridge is $43,675, and property taxes are levied accordingly. Homeowners in this city experience a range of tax bills, with the 25th percentile at $151, the 75th percentile at $815, and the 90th percentile reaching $1,755. The assessed value is multiplied by the local tax rate to determine the annual tax bill. Factors such as property location within Cross County, property type, and any applicable exemptions or deductions can influence the final amount. Compared to the national median property tax rate of 0.99%, Hickory Ridge's tax rates reflect the local economic conditions and government budgetary needs. For homeowners, understanding these factors is crucial as property taxes impact their annual financial planning and long-term investment in their homes. Properly managing and appealing these taxes can result in significant savings over time.
Average Hickory Ridge Tax Bill
$372
Average Cross County Tax Bill
$467
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | $55 | $151 | $372 | $815 | $1,755 |
Source: Ownwell