Malvern, Arkansas Property Taxes
The median property tax rate in Malvern, AR is 0.82%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Malvern at $61,775, the typical annual property tax bill is $467, significantly below the national median of $2,690. Property taxes in Malvern are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Malvern'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 Malvern or another part of Hot Spring County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Malvern, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$507
$470
Ownwell’s Malvern Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malvern with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malvern 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 Malvern, Arkansas
Property taxes in Malvern, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Malvern is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Malvern set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malvern 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 Malvern's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72104 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Malvern 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 Malvern Tax Rate
0.82%
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 Malvern, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72104 | 0.23% | 0.50% | 0.82% | 1.04% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Malvern, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Malvern, AR. 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 Assessor 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 Malvern, 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. The median home price in Malvern is $61,775, with property tax bills ranging from $221 at the 25th percentile to $1,539 at the 90th percentile. Interestingly, both the highest and lowest median tax bills in the area, $467, are found in the 72104 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Malvern Assessed Value
$61,775
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 Malvern, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72104 | $16,650 | $32,000 | $61,775 | $115,775 | $178,505 |
Source: Ownwell
Property Tax Bills Across Malvern, Arkansas
In Malvern, Hot Spring County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if a home has a median market value of $61,775, the assessed value is determined by the local assessment ratio. Once the assessed value is established, the local property tax rate is applied to calculate the tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. Homeowners in Malvern can expect property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $221, while at the 75th percentile, it rises to $907. At the 90th percentile, it can reach up to $1,539. These variations highlight the impact of property value and assessment practices on tax obligations. Despite these differences, the median tax bill in Malvern stands at $467, which is relatively modest compared to the national median property tax rate of 0.99%. This system ensures that property taxes are proportionate to home values, affecting homeowners differently based on their property's assessed value.
Average Malvern Tax Bill
$467
Average Hot Spring County Tax Bill
$477
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Malvern, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72104 | $80 | $221 | $467 | $907 | $1,539 |
Source: Ownwell