Newhope, Arkansas Property Taxes
The median property tax rate in Newhope, AR is 0.89%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $50,575, the typical annual property tax bill in Newhope is $422, significantly below the national median of $2,690. Property taxes in Newhope 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 Newhope'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 Newhope or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newhope, 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 Newhope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newhope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newhope 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 Newhope, Arkansas
Property taxes in Newhope, Arkansas, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Newhope is 0.54%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Newhope set these rates annually, and they can vary across different neighborhoods. Each year, Newhope 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 Newhope's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in Arkansas is 0.89% in zip code 71959, while the lowest median tax rate is also 0.89% in the same zip code. Understanding how these cities compare with Newhope provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newhope Tax Rate
0.89%
Average Pike County Tax Rate
0.84%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newhope, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71959 | 0.64% | 0.80% | 0.89% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Newhope, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Newhope, 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 Pike 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. 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 Newhope is $50,575, with tax bills ranging from $211 at the 25th percentile to $1,030 at the 90th percentile. 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 Newhope Assessed Value
$50,575
Average Pike County Assessed Value
$63,750
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newhope, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71959 | $10,425 | $24,462 | $50,575 | $80,725 | $119,925 |
Source: Ownwell
Property Tax Bills Across Newhope, Arkansas
In New Hope, 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 New Hope is $50,575. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners, this means that the tax bill can vary significantly depending on the specific assessment of their property and the local tax rate. Several factors influence the final tax bill, including the location within the city and any applicable exemptions or deductions. For instance, tax bills in New Hope range from $211 at the 25th percentile to $1,030 at the 90th percentile, reflecting the diversity in property values and assessments. Homeowners in the highest median tax bill area, with a zip code of 71959, face a median tax bill of $422. Comparing these figures to the national median property tax rate of 0.99%, it becomes evident that property taxes in New Hope can be relatively modest, though they still represent a significant expense for many homeowners.
Average Newhope Tax Bill
$422
Average Pike County Tax Bill
$523
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Newhope, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71959 | $113 | $211 | $422 | $663 | $1,030 |
Source: Ownwell