Glenwood, Arkansas Property Taxes
The median property tax rate in Glenwood, Arkansas is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $48,275, the typical annual property tax bill in Glenwood is $259, significantly below the national median of $2,690. Property taxes in Glenwood are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Glenwood'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 Glenwood or another part of Hot Spring County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glenwood, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$372
Ownwell’s Glenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glenwood 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 Glenwood, Arkansas
Property taxes in Glenwood, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glenwood is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Glenwood set these rates annually, and they can vary across different neighborhoods. Each year, Glenwood 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. Understanding how Glenwood's effective property tax rate compares to other areas 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 Glenwood Tax Rate
0.77%
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 Glenwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71943 | 0.21% | 0.49% | 0.77% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Glenwood, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Glenwood, Arkansas. 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 Glenwood, 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 example, the median home price in Glenwood is $48,275, and the median tax bill ranges from $119 at the 25th percentile to $1,406 at the 90th percentile. The zip code 71943 has the highest and lowest median tax bill at $259. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Glenwood Assessed Value
$48,275
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 Glenwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71943 | $10,015 | $17,925 | $48,275 | $100,200 | $148,960 |
Source: Ownwell
Property Tax Bills Across Glenwood, Arkansas
In Glenwood, located in Hot Spring County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For instance, with a median home price of $48,275, the tax bill can vary significantly. Homeowners in the 25th percentile might pay around $119 annually, while those in the 75th percentile could see tax bills of approximately $768. At the 90th percentile, tax bills can reach up to $1,406. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, higher property taxes can impact monthly budgets and overall affordability. Compared to the national median property tax rate of 0.99%, Glenwood's property taxes reflect the local economic conditions and public service funding needs.
Average Glenwood Tax Bill
$259
Average Hot Spring County Tax Bill
$477
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Glenwood, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71943 | $65 | $119 | $259 | $768 | $1,406 |
Source: Ownwell