Newhope, Howard County, Arkansas Property Taxes
The median property tax rate in Newhope, Arkansas is 0.99%, aligning with the national median of 0.99% but surpassing the Arkansas state median of 0.84%. With the median home value in Newhope at $45,050, the typical annual property tax bill amounts to $429, significantly below the national median of $2,690. Property taxes in Newhope are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Newhope'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 Newhope 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
Newhope, Howard County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$446
$414
Ownwell’s NEWHOPE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in NEWHOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NEWHOPE 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 Newhope, Howard County, Arkansas
Property taxes in New Hope, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Hope is 0.99%, which is on par with both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within New Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Hope 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 New Hope's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71959 has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with New Hope provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newhope Tax Rate
0.99%
Average Howard County Tax Rate
0.84%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newhope, Howard County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71959 | 0.80% | 0.99% | 0.99% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Newhope, Howard County, Arkansas
In New Hope, 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 New Hope, 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 New Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in New Hope is $429, with the highest and lowest median tax bills both found in zip code 71959.
Property Tax Assessment Values Across Newhope, Howard County, Arkansas
Source: Ownwell
$34,575
$53,163
$71,750
Average Newhope Assessed Value
$45,050
Average Howard County Assessed Value
$58,900
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newhope, Howard County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71959 | $9,750 | $23,500 | $45,050 | $92,600 | $157,120 |
Source: Ownwell
Property Tax Bills Across Newhope, Howard County, Arkansas
In Newhope, located in Howard County, AR, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The median home price in Newhope stands at $45,050, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. For homeowners in Newhope, the property tax bill can vary significantly. The 25th percentile tax bill is around $221, while the 75th percentile tax bill reaches approximately $802. At the 90th percentile, homeowners might see a tax bill as high as $1,562. The highest median tax bill recorded in the area is $429, which is consistent across certain zip codes. Compared to the national median property tax rate of 0.99%, Newhope's property taxes can be relatively affordable, providing some relief for homeowners in the region. However, understanding how these taxes are calculated is crucial for effective financial planning and property management.
Average Newhope Tax Bill
$429
Average Howard County Tax Bill
$510
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Newhope, Howard County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71959 | $95 | $221 | $429 | $802 | $1,562 |
Source: Ownwell