Holly Grove, Arkansas Property Taxes
The median property tax rate in Holly Grove, AR is 0.96%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Holly Grove at $41,500, the typical annual property tax bill is $410, which is significantly lower than the national median of $2,690. Property taxes in Holly Grove are calculated based on the assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Holly Grove'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 Holly Grove or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Holly Grove, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$398
$370
Ownwell’s Holly Grove Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Holly Grove with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Holly Grove to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available. Your property’s assessed value is the value assigned by Monroe County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Holly Grove, Arkansas
Property taxes in Holly Grove, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly Grove is 0.96%, which is lower than the U.S. national median of 0.99%. Local government entities within Holly Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holly Grove 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 Holly Grove's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72069 has the highest median property tax rate of 0.96%, while the lowest median tax rate is also 0.96%. Understanding how these cities compare with Holly Grove provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holly Grove Tax Rate
0.96%
Average Monroe County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holly Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72069 | 0.77% | 0.96% | 0.96% | 0.96% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Holly Grove, Arkansas
In Holly Grove, 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 Monroe 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 Holly Grove, 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 Holly Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $410 in the 72069 zip code, which is also the lowest median tax bill, highlighting the uniformity in property tax assessments within Holly Grove.
Average Holly Grove Assessed Value
$41,500
Average Monroe County Assessed Value
$34,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holly Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72069 | $6,690 | $19,950 | $41,500 | $78,750 | $138,020 |
Source: Ownwell
Property Tax Bills Across Holly Grove, Arkansas
In Holly Grove, Monroe County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value, reflecting local real estate trends. For example, with a median home price of $41,500, the tax bill varies significantly across different percentiles. Homeowners at the 25th percentile might see a tax bill around $216, while those at the 75th percentile could pay approximately $734. The top 10% of homeowners might face a tax bill as high as $1,292. Compared to the national median property tax rate of 0.99%, Holly Grove's property tax rates can be more manageable for some, yet substantial for others, depending on the assessed value of their property. This variation impacts homeowners differently, influencing their overall cost of living and financial planning. Understanding these factors is crucial for homeowners to anticipate and manage their annual property tax obligations effectively.
Average Holly Grove Tax Bill
$410
Average Monroe County Tax Bill
$356
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Holly Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72069 | $99 | $216 | $410 | $734 | $1,292 |
Source: Ownwell