Traskwood, Hot Spring County, Arkansas Property Taxes
The median property tax rate in Traskwood, AR is 0.71%, 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 $66,400 in Traskwood, the typical annual property tax bill amounts to $480, significantly less than the national median of $2,690. Property taxes in Traskwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Traskwood'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 Traskwood or another part of Hot Spring County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Traskwood, Hot Spring County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$471
$437
Ownwell’s Traskwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Traskwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Traskwood 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 Traskwood, Hot Spring County, Arkansas
Property taxes in Traskwood, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Traskwood is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Traskwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Traskwood 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 Traskwood's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72167 zip code has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Traskwood 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 Traskwood Tax Rate
0.71%
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 Traskwood, Hot Spring County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | 0.12% | 0.36% | 0.71% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Traskwood, Hot Spring County, Arkansas
In Traskwood, 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 Traskwood, 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 Traskwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Traskwood are both $480, found in the 72167 zip code.
Property Tax Assessment Values Across Traskwood, Hot Spring County, Arkansas
Source: Ownwell
$41,600
$104,050
$166,500
Average Traskwood Assessed Value
$66,400
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 Traskwood, Hot Spring County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | $14,130 | $40,100 | $66,400 | $126,012 | $193,290 |
Source: Ownwell
Property Tax Bills Across Traskwood, Hot Spring County, Arkansas
In Traskwood, Hot Spring County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. Homeowners in this area typically experience a range of tax bills, reflecting the variability in property values and assessment rates. For a home with a median price of $66,400, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $146, while those at the 75th percentile could see bills as high as $805. The 90th percentile tax bill can reach up to $1,546. These figures are influenced by several factors, including local tax rates and the specific assessed value of the property. Compared to the national median property tax rate of 0.99%, Traskwood's rates can be quite variable, potentially offering some relief to homeowners but also posing higher costs for those with more valuable properties. Understanding these dynamics is crucial for homeowners to anticipate and manage their annual property tax obligations effectively.
Average Traskwood Tax Bill
$480
Average Hot Spring County Tax Bill
$477
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Traskwood, Hot Spring County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72167 | $47 | $146 | $480 | $805 | $1,546 |
Source: Ownwell