Hot Springs Village, Arkansas Property Taxes
The median property tax rate in Hot Springs Village, AR is 0.66%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $309,970 in Hot Springs Village, the typical annual property tax bill amounts to $2,093, falling below the national median of $2,690. Property taxes in Hot Springs Village are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding the property tax system in Hot Springs Village, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Hot Springs Village or another part of Saline County, having a grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hot Springs Village, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$2,046
$1,898
Ownwell’s HOT SPRINGS VILLAGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOT SPRINGS VILLAGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOT SPRINGS VILLAGE 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 Hot Springs Village, Arkansas
Property taxes in Hot Springs Village, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hot Springs Village is 0.66%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Hot Springs Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs Village 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 Hot Springs Village's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71909 zip code has the highest median property tax rate of 0.66%, while the same 71909 zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Hot Springs Village provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs Village Tax Rate
0.66%
Average Saline County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71909 | 0.56% | 0.61% | 0.66% | 0.74% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs Village, Arkansas
In Hot Springs Village, 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 Saline 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 Hot Springs Village, 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 Hot Springs Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 71909 has the highest median tax bill at $2,093, while the lowest median tax bill is also in zip code 71909, reflecting the consistency in tax assessments within the area.
Property Tax Assessment Values Across Hot Springs Village, Arkansas
Source: Ownwell
$19,348
$284,772
$550,195
Average Hot Springs Village Assessed Value
$309,970
Average Saline County Assessed Value
$164,560
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71909 | $192,920 | $242,255 | $309,970 | $407,125 | $539,394 |
Source: Ownwell
Property Tax Bills Across Hot Springs Village, Arkansas
In Hot Springs Village, Saline County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessment rate in Arkansas is 20% of the market value. For instance, a home with a median market price of $309,970 would have an assessed value of approximately $61,994. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions or deductions. For homeowners in Hot Springs Village, tax bills can vary significantly. At the 25th percentile, the tax bill is around $1,569, while at the 75th percentile, it rises to approximately $2,821. The 90th percentile sees tax bills reaching up to $3,778. These figures highlight the range of property tax obligations faced by homeowners in the area, which can impact their financial planning and overall cost of homeownership.
Average Hot Springs Village Tax Bill
$2,093
Average Saline County Tax Bill
$1,361
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs Village, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71909 | $1,218 | $1,569 | $2,093 | $2,821 | $3,778 |
Source: Ownwell