Humnoke, Arkansas Property Taxes
The median property tax rate in Humnoke, AR is 0.58%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Humnoke at $194,750, the typical annual property tax bill is $437, far below the national median of $2,690. Property taxes in Humnoke are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Humnoke'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 Humnoke 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
Humnoke, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,130
$1,048
Ownwell’s Humnoke Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Humnoke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Humnoke 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 Humnoke, Arkansas
Property taxes in Humnoke, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Humnoke is 0.58%, which is lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Humnoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Humnoke 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 Humnoke's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72072 zip code has the highest median property tax rate of 0.58%, while the same zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Humnoke provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Humnoke Tax Rate
0.58%
Average Jefferson County Tax Rate
0.73%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Humnoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72072 | 0.19% | 0.22% | 0.58% | 0.85% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Humnoke, Arkansas
In Humnoke, 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 Jefferson 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 Humnoke, 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 Humnoke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 72072, both at $437.
Average Humnoke Assessed Value
$194,750
Average Jefferson County Assessed Value
$69,000
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Humnoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72072 | $76,260 | $95,250 | $194,750 | $197,150 | $215,210 |
Source: Ownwell
Property Tax Bills Across Humnoke, Arkansas
In Humnoke, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value, and this percentage can vary. Once the assessed value is determined, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Humnoke, the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is around $370, while at the 75th percentile, it rises to $1,675. The highest median tax bill recorded in the area is $437, which is relatively modest compared to the national median property tax rate of 0.99%. These variations can affect homeowners differently, depending on their property's assessed value and the local tax rate. Lower tax bills can make homeownership more affordable, while higher bills can be a significant expense. Understanding these factors can help homeowners better manage their finances and plan for future expenses.
Average Humnoke Tax Bill
$437
Average Jefferson County Tax Bill
$457
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Humnoke, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72072 | $248 | $370 | $437 | $1,675 | $1,970 |
Source: Ownwell