Harrison, Marion County, Arkansas Property Taxes
The median property tax rate in Harrison, AR is 0.85%, slightly higher than the Arkansas state median of 0.84% but still below the national median of 0.99%. With a median home value of $85,775, the typical annual property tax bill in Harrison is approximately $661, which is significantly lower than the national median of $2,690. Property taxes in Harrison are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Harrison'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 Harrison or elsewhere in the city, gaining knowledge of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harrison, Marion County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$729
$677
Ownwell’s Harrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harrison 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 Harrison, Marion County, Arkansas
Property taxes in Harrison, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harrison is 0.85%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Harrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harrison 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. Understanding how Harrison's effective property tax rate compares to other counties in Arkansas and the national median provides valuable insights into the varying tax landscape across Marion County. This helps homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harrison Tax Rate
0.85%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harrison, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72601 | 0.59% | 0.69% | 0.85% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Harrison, Marion County, Arkansas
In Harrison, 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 Marion 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 Harrison, 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 Harrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Harrison, the highest and lowest median tax bills are both found in the 72601 zip code, with a median tax bill of $661. The 25th percentile tax bill is $276, while the 75th percentile tax bill is $1067, and the 90th percentile tax bill is $1441.
Property Tax Assessment Values Across Harrison, Marion County, Arkansas
Source: Ownwell
$43,525
$118,475
$193,425
Average Harrison Assessed Value
$85,775
Average Marion County Assessed Value
$88,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harrison, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72601 | $12,840 | $34,112 | $85,775 | $126,738 | $181,890 |
Source: Ownwell
Property Tax Bills Across Harrison, Marion County, Arkansas
In Harrison, AR, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including property size, location, and any improvements made to the property. For homeowners, this means that changes in the real estate market or modifications to their property can affect their tax bills. For example, the median home price in Harrison is $85,775, and property tax bills can range significantly. The 25th percentile tax bill is $276, while the 75th percentile tax bill is $1,067, and the 90th percentile tax bill reaches $1,441. This range illustrates how various factors, such as property value and local tax rates, impact the final tax amount. Understanding these elements can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Harrison Tax Bill
$661
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Harrison, Marion County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72601 | $106 | $276 | $661 | $1,067 | $1,441 |
Source: Ownwell