Hot Springs National Park, Arkansas Property Taxes
The median property tax rate in Hot Springs National Park, AR is 0.75%, 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 $128,500 in Hot Springs National Park, the typical annual property tax bill is around $978, significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hot Springs National Park'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 Hot Springs National Park 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 National Park, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$964
Ownwell’s Hot Springs National Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hot Springs National Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hot Springs National Park 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 National Park, Arkansas
Property taxes in Hot Springs National Park, Arkansas, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs National Park is 0.75%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Hot Springs National Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs National Park 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 National Park's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 71901 zip code has the highest median property tax rate of 1.00%, while the 71913 zip code has the lowest median tax rate of 0.74%. Understanding how these areas compare with Hot Springs National Park 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 National Park Tax Rate
0.75%
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 National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | 0.41% | 0.76% | 1.00% | 1.01% | 1.14% |
| 71913 | 0.35% | 0.54% | 0.74% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs National Park, Arkansas
In Hot Springs National Park, 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. 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 Hot Springs National Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hot Springs National Park is $1,258 in the 71901 zip code, while the lowest median tax bill is $954 in the 71913 zip code.
Property Tax Assessment Values Across Hot Springs National Park, Arkansas
Source: Ownwell
$6,662
$86,581
$166,500
Average Hot Springs National Park Assessed Value
$128,500
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 National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $66,950 | $89,250 | $166,500 | $251,850 | $333,650 |
| 71913 | $38,825 | $76,806 | $125,275 | $206,850 | $300,272 |
Source: Ownwell
Property Tax Bills Across Hot Springs National Park, Arkansas
Property tax bills in Hot Springs National Park, located in Hot Spring County, AR, are determined through a combination of the assessed property value and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate to calculate the annual tax bill. For instance, a median home price in this area is $128,500. Homeowners in the 25th percentile can expect a tax bill of around $524, while those in the 75th percentile might see a bill of up to $1,697. The highest median tax bill in the area reaches $1,258 in the 71901 zip code, whereas the lowest median tax bill is $954 in the 71913 zip code. Compared to the national median property tax rate of 0.99%, Hot Springs National Park offers relatively affordable property tax rates. This affects homeowners by influencing their overall housing costs, potentially making the area more attractive for property buyers looking for lower tax burdens.
Average Hot Springs National Park Tax Bill
$978
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 National Park, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $327 | $722 | $1,258 | $2,424 | $2,888 |
| 71913 | $201 | $502 | $954 | $1,656 | $2,639 |
Source: Ownwell