Hickory Plains, Arkansas Property Taxes
The median property tax rate in Hickory Plains, AR is 0.90%, 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 $45,300 in Hickory Plains, the typical annual property tax bill amounts to $391, which is well below the national median of $2,690. Property taxes in Hickory Plains are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hickory Plains' 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 Plains or another part of Prairie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hickory Plains, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$408
$378
Ownwell’s Hickory Plains Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickory Plains with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory Plains 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 Hickory Plains, Arkansas
Property taxes in Hickory Plains, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory Plains is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Hickory Plains set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Plains 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 Hickory Plains' effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Prairie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Plains Tax Rate
0.90%
Average Prairie County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Plains, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72066 | 0.63% | 0.75% | 0.90% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Plains, Arkansas
In Hickory Plains, 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 Prairie 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 Hickory Plains, 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 Plains helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $391, found in zip code 72066.
Average Hickory Plains Assessed Value
$45,300
Average Prairie County Assessed Value
$51,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory Plains, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72066 | $18,000 | $30,550 | $45,300 | $75,450 | $136,970 |
Source: Ownwell
Property Tax Bills Across Hickory Plains, Arkansas
In Hickory Plains, located in Prairie County, 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 this area is $45,300. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market conditions can affect the assessed value, thereby influencing the tax bill. Homeowners in Hickory Plains can expect varying tax bills depending on their property's value and specific circumstances. For instance, the 25th percentile tax bill is around $380, while the 75th percentile tax bill reaches approximately $921. At the higher end, the 90th percentile tax bill is close to $988. Notably, the median tax bill in the area is $391, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable for residents, contributing to the local housing market's stability and appeal.
Average Hickory Plains Tax Bill
$391
Average Prairie County Tax Bill
$335
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Plains, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72066 | $251 | $380 | $391 | $921 | $988 |
Source: Ownwell