Hickory Ridge, Arkansas Property Taxes
The median property tax rate in Hickory Ridge, AR is 0.94%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Hickory Ridge at $84,600, the typical annual property tax bill amounts to $794, which is well below the national median of $2,690. Property taxes in Hickory Ridge are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Hickory Ridge'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 Hickory Ridge 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
Hickory Ridge, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$795
$738
Ownwell’s Hickory Ridge Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hickory Ridge with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hickory Ridge to provide an estimate of your property tax bill. This invaluable tool offers a clear understanding of potential tax liabilities. For those interested in more granular insights, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Hickory Ridge, Arkansas
Property taxes in Hickory Ridge, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory Ridge is 0.94%, which is lower than the U.S. national median of 0.99%. Local government entities within Hickory Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Ridge 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 Hickory Ridge's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72347 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Hickory Ridge provides valuable insights into the varying tax landscape across Poinsett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Ridge Tax Rate
0.94%
Average Poinsett County Tax Rate
0.79%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Ridge, Arkansas
In Hickory Ridge, 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 Poinsett County Assessor's Office 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 Hickory Ridge, 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 Hickory Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hickory Ridge is $794 in the 72347 zip code, while the lowest median tax bill is also $794 in the same zip code.
Average Hickory Ridge Assessed Value
$84,600
Average Poinsett County Assessed Value
$65,250
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | $81,920 | $82,925 | $84,600 | $86,275 | $87,280 |
Source: Ownwell
Property Tax Bills Across Hickory Ridge, Arkansas
In Hickory Ridge, located in Poinsett County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this region experience a median home price of $84,600. The tax rate is applied to the assessed value to determine the annual tax bill. For instance, the 25th percentile tax bill is $778, while the 75th percentile tax bill is $809, with the 90th percentile reaching $819. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in local government budgets. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, homeowners in Hickory Ridge may find their property tax bills relatively manageable, making it an attractive area for those looking to balance affordability with the benefits of homeownership.
Average Hickory Ridge Tax Bill
$794
Average Poinsett County Tax Bill
$472
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | $768 | $778 | $794 | $809 | $819 |
Source: Ownwell