Holly Grove, Arkansas Property Taxes
The median property tax rate in Holly Grove, AR is 0.87%, slightly lower than the national median of 0.99% but marginally higher than the Arkansas state median of 0.84%. With a median home value of $33,650 in Holly Grove, the typical annual property tax bill amounts to $279, which is significantly below the national median of $2,690. Property taxes in Holly Grove 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 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 the city, 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
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s HOLLY GROVE Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in HOLLY GROVE using just two key data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in HOLLY GROVE to provide an accurate estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in more granular trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Holly Grove, Arkansas
Property taxes in Holly Grove, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly Grove is 0.87%, 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 72069 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Holly Grove provides valuable insights into the varying tax landscape across Phillips County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holly Grove Tax Rate
0.87%
Average Phillips County Tax Rate
0.97%
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 | 0.38% | 0.57% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Holly Grove, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Holly Grove, Arkansas. 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 Phillips 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 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. For instance, the highest median tax bill in the area is $279 in the 72069 zip code, which is also the lowest median 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Holly Grove Assessed Value
$33,650
Average Phillips County Assessed Value
$31,950
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 | $8,400 | $18,300 | $33,650 | $54,500 | $83,240 |
Source: Ownwell
Property Tax Bills Across Holly Grove, Arkansas
In Holly Grove, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Holly Grove is $33,650. Local tax authorities determine the assessed value and apply the relevant tax rate to calculate the annual tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, impacting the tax bill. Homeowners in Holly Grove can expect varying tax bills. The 25th percentile tax bill is around $106, while the 75th percentile reaches approximately $420. For those in the 90th percentile, the tax bill can go up to $915. Compared to the national median property tax rate of 0.99%, Holly Grove's tax rates tend to be more affordable, providing some financial relief to homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Holly Grove Tax Bill
$279
Average Phillips County Tax Bill
$283
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 | $67 | $106 | $279 | $420 | $915 |
Source: Ownwell