Highland, Arkansas Property Taxes
The median property tax rate in Highland, AR is 0.69%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Highland at $114,675, the typical annual property tax bill is approximately $779, which is significantly less than the national median of $2,690. Property taxes in Highland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Highland'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 Highland 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
Highland, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Highland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highland 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 Highland, Arkansas
Property taxes in Highland, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Highland is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Highland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highland 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 Highland's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72542 has both the highest and the lowest median property tax rate of 0.69%. Understanding how these areas compare with Highland provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Highland Tax Rate
0.69%
Average Fulton County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72542 | 0.67% | 0.68% | 0.69% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Highland, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Highland, Arkansas. The market value represents 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 Fulton 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 Highland, 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. For instance, in Highland, the median home price is $114,675, with tax bills ranging from $577 at the 25th percentile to $1,103 at the 90th percentile. Zip code 72542 has the highest and lowest median tax bill of $779. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Highland Assessed Value
$114,675
Average Fulton County Assessed Value
$68,050
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Highland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72542 | $64,535 | $83,338 | $114,675 | $146,012 | $164,815 |
Source: Ownwell
Property Tax Bills Across Highland, Arkansas
In Highland, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. For instance, homes with a median market price of $114,675 see tax bills varying significantly. The 25th percentile tax bill is around $577, while the 75th percentile tax bill rises to $981. The tax bill at the 90th percentile can reach up to $1,103. These figures indicate that factors such as property location within the city and specific local levies play a crucial role in determining the final amount. Compared to the national median property tax rate of 0.99%, the property tax rate in Highland offers a varied landscape for homeowners. The highest and lowest median tax bill in the area is both $779, located in the 72542 zip code, showing some consistency within the region. Homeowners in Highland must consider these tax rates in their financial planning, as they can significantly impact annual expenses.
Average Highland Tax Bill
$779
Average Fulton County Tax Bill
$483
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Highland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72542 | $455 | $577 | $779 | $981 | $1,103 |
Source: Ownwell