Hope, Hempstead County, Arkansas Property Taxes
The median property tax rate in Hope, AR is 0.84%, aligning with the state median but still lower than the national median of 0.99%. With a median home value of $51,500 in Hope, the typical annual property tax bill is $352, significantly below the national median of $2,690. Property taxes in Hope 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 Hope'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 Hope 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
Hope, Hempstead County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$433
$401
Ownwell’s Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hope 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 Hope, Hempstead County, Arkansas
Property taxes in Hope, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 0.84%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other areas in Hempstead County and the national median. For comparison, the 71801 zip code has the highest median property tax rate of 0.84%, while the 71802 zip code has the lowest median tax rate of 0.68%. Understanding how these areas compare with Hope provides valuable insights into the varying tax landscape across Hempstead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
0.84%
Average Hempstead County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Hempstead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71801 | 0.20% | 0.43% | 0.84% | 0.96% | 0.96% |
| 71802 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Hope, Hempstead County, Arkansas
In Hope, 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 Hempstead 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 Hope, 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. For instance, the highest median tax bill in Hope is $352 in the 71801 zip code, whereas the lowest median tax bill is $248 in the 71802 zip code. 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 Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hope, Hempstead County, Arkansas
Source: Ownwell
$27,350
$39,425
$51,500
Average Hope Assessed Value
$51,500
Average Hempstead County Assessed Value
$47,525
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Hempstead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71801 | $11,605 | $26,550 | $51,500 | $100,538 | $160,080 |
| 71802 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Hope, Hempstead County, Arkansas
In Hope, located in Hempstead County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value determined by the county assessor. For instance, the median home price in Hope is $51,500. Various factors such as property size, location, and market conditions influence this assessed value. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. In Hope, homeowners experience a range of property tax bills. The 25th percentile tax bill is around $159, while the 75th percentile reaches approximately $660. For those in the 90th percentile, tax bills can be as high as $1,135. The highest median tax bill in the area is $352 in the 71801 zip code, while the lowest is $248 in the 71802 zip code. These property tax bills significantly impact homeowners, influencing their annual budgeting and overall financial planning. Compared to the national median property tax rate of 0.99%, Hope's property taxes are relatively moderate, making it an attractive location for homeowners.
Average Hope Tax Bill
$352
Average Hempstead County Tax Bill
$306
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Hempstead County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71801 | $60 | $160 | $352 | $660 | $1,135 |
| 71802 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell