Prescott, Arkansas Property Taxes
The median property tax rate in Prescott, Arkansas is 0.77%, lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Prescott, the typical annual property tax bill reaches $174, significantly below the national median of $2,690. Property taxes in Prescott 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 Prescott'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 Prescott 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
Prescott, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$301
Ownwell’s Prescott Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prescott 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 Prescott, Arkansas
Property taxes in Prescott, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71857 has both the highest and the lowest median property tax rate of 0.77%. Understanding how these cities compare with Prescott 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 Prescott Tax Rate
0.77%
Average Hempstead County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71857 | 0.12% | 0.27% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Arkansas
In Prescott, 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 Prescott, 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $174.00 in the 71857 zip code, with tax bills ranging from $63 at the 25th percentile to $636 at the 90th percentile.
Average Prescott Assessed Value
$39,125
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 Prescott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71857 | $5,050 | $14,650 | $39,125 | $74,162 | $114,300 |
Source: Ownwell
Property Tax Bills Across Prescott, Arkansas
In Prescott, located in Hempstead County, AR, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The median home price in Prescott is $39,125, and the assessed value is determined by applying the state's assessment ratio to this market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the tax bill, including property location, improvements, and any applicable exemptions. For instance, properties within the highest median tax bill zip code, 71857, see a median tax bill of $174.00. Homeowners in Prescott can expect tax bills ranging from $63 at the 25th percentile to $636 at the 90th percentile, reflecting variations in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Prescott's property tax rates are relatively low, making it an appealing location for homeowners seeking affordable property taxes. This lower tax burden can significantly impact homeowners' financial planning and overall cost of living.
Average Prescott Tax Bill
$174
Average Hempstead County Tax Bill
$306
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71857 | $20 | $63 | $174 | $378 | $636 |
Source: Ownwell