Hot Springs, Arkansas Property Taxes
The median property tax rate in Hot Springs, AR is 1.00%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Hot Springs at $138,612, the typical annual property tax bill reaches $1,390, which is below the national median of $2,690. Property taxes in Hot Springs are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hot Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hot Springs 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
Hot Springs, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,386
$1,286
Ownwell’s Hot Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hot Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hot Springs 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 Hot Springs, Arkansas
Property taxes in Hot Springs, Arkansas, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Hot Springs is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Hot Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs 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 Hot Springs' effective property tax rate to other regions in Arkansas and the national median. For comparison, the zip code 71913 has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Hot Springs 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 Hot Springs 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 Hot Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71913 | 1.00% | 1.00% | 1.00% | 1.00% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs, Arkansas
In Hot Springs, 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 local 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 Hot Springs, 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, the median home price in Hot Springs is $138,612, with tax bills ranging from $891 at the 25th percentile to $1,629 at the 90th percentile. The zip code with the highest and lowest median tax bill is 71913, both at $1,390. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hot Springs Assessed Value
$138,612
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 Hot Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71913 | $48,038 | $88,862 | $138,612 | $149,888 | $152,488 |
Source: Ownwell
Property Tax Bills Across Hot Springs, Arkansas
In Hot Springs, Arkansas, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. For homeowners in Hot Springs, the median home price is $138,612. Once the home's assessed value is determined, the local property tax rate is applied to calculate the annual tax bill. Factors that influence the tax bill include the property's location, size, and any applicable exemptions or deductions. Homeowners in Hot Springs experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $891, while at the 75th percentile, it rises to $1,500. The highest median tax bill recorded in the area is $1,390, specifically in the 71913 zip code. Compared to the national median property tax rate of 0.99%, Hot Springs offers relatively moderate property taxes, providing some financial relief to homeowners. Understanding these calculations helps homeowners anticipate their annual expenses and plan their budgets accordingly.
Average Hot Springs Tax Bill
$1,390
Average Hot Spring County Tax Bill
$477
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71913 | $481 | $891 | $1,390 | $1,500 | $1,629 |
Source: Ownwell