Hope, Arkansas Property Taxes
The median property tax rate in Hope, AR is 0.84%, aligning with the Arkansas state median but still lower than the national median of 0.99%. With the median home value in Hope at $29,900, the typical annual property tax bill is about $250, significantly less than the national median of $2,690. Property taxes in Hope are calculated based on the assessed value, which often falls below market value due to exemptions such as those for primary residences and agricultural use. Understanding Hope'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 Hope or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hope, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$251
$233
Ownwell’s Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hope 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 Hope, Arkansas
Property taxes in 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 Hope is 0.84%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Hope's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71801 zip code has both the highest and lowest median property tax rate of 0.84%. Understanding how these cities compare with Hope provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Tax Rate
0.84%
Average Lafayette County Tax Rate
0.93%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71801 | 0.75% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Arkansas
Understanding the difference between "market value" and "assessed value" in Hope, Arkansas, 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 Lafayette 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 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. For instance, the median home price in Hope is $29,900, with tax bills ranging from the 25th percentile at $192 to the 90th percentile at $897. The highest and lowest median tax bills are both recorded at $250 in the 71801 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hope Assessed Value
$29,900
Average Lafayette County Assessed Value
$29,800
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71801 | $16,345 | $22,975 | $29,900 | $54,462 | $128,285 |
Source: Ownwell
Property Tax Bills Across Hope, Arkansas
In Hope, located in Lafayette County, AR, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Homeowners in Hope see property tax bills that vary significantly, with the 25th percentile at $192 and the 75th percentile reaching $425. The highest median tax bill recorded in the area is $250 in the 71801 zip code, which is considerably lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and improvements made to the property. These taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their property tax is calculated can help in budgeting and financial planning, ensuring they are prepared for these annual expenses. The relatively low property tax rates in Hope make it an attractive location for homeowners looking for affordability.
Average Hope Tax Bill
$250
Average Lafayette County Tax Bill
$185
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71801 | $137 | $192 | $250 | $425 | $897 |
Source: Ownwell