Amity, Hot Spring County, Arkansas Property Taxes
The median property tax rate in Amity, AR is 1.00%, slightly higher than the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $41,600 in Amity, the typical annual property tax bill is $247, which is significantly lower than the national median of $2,690. Property taxes in Amity are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Amity'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 Amity or another part of Hot Spring County, getting to know the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Amity, Hot Spring County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$416
$386
Ownwell’s Amity Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Amity with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Amity 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 Amity, Hot Spring County, Arkansas
Property taxes in Amity, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Amity is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Amity set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amity 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 Amity's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71921 zip code has the highest median property tax rate of 1.00%, while the 71921 zip code has the lowest median tax rate of 1.00%. Understanding how these cities compare with Amity provides valuable insights into the varying tax landscape across Hot Spring County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amity Tax Rate
1.00%
Average Hot Spring County Tax Rate
0.79%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amity, Hot Spring County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71921 | 0.16% | 0.55% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Amity, Hot Spring County, Arkansas
In Amity, 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 Hot Spring 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 Amity, 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 Amity helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $247 in zip code 71921, while the lowest is also $247 in the same zip code.
Property Tax Assessment Values Across Amity, Hot Spring County, Arkansas
Source: Ownwell
$41,600
$104,050
$166,500
Average Amity Assessed Value
$41,600
Average Hot Spring County Assessed Value
$64,425
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Amity, Hot Spring County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71921 | $7,155 | $17,825 | $41,600 | $84,962 | $134,800 |
Source: Ownwell
Property Tax Bills Across Amity, Hot Spring County, Arkansas
In Amity, located in Hot Spring 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, which is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Amity is $41,600. Property tax rates in this area can vary, but the median tax bill is $247 annually, which is significantly lower than the national median property tax rate of 0.99%. Factors such as property improvements, changes in market conditions, and local government budgets can influence the assessed value and the resulting tax bill. Homeowners in Amity can expect a tax bill ranging from $109 at the 25th percentile to $1,082 at the 90th percentile. This variability underscores the importance of understanding local property tax assessments and how they impact overall housing costs.
Average Amity Tax Bill
$247
Average Hot Spring County Tax Bill
$477
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Amity, Hot Spring County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71921 | $31 | $109 | $247 | $663 | $1,082 |
Source: Ownwell