Harvey, Scott County, Arkansas Property Taxes
The median property tax rate in Harvey, Arkansas is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $50,825 in Harvey, the typical annual property tax bill is $373, significantly below the national median of $2,690. Property taxes in Harvey are calculated based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Harvey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Harvey or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harvey, Scott County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$391
$363
Ownwell’s Harvey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harvey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harvey 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 Harvey, Scott County, Arkansas
Property taxes in Harvey, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harvey is 0.77%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Harvey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harvey 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 Harvey's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72841 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Harvey provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harvey Tax Rate
0.77%
Average Scott County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harvey, Scott County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72841 | 0.56% | 0.74% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Harvey, Scott County, Arkansas
Understanding the differences between "market value" and "assessed value" is key to comprehending property taxes in Harvey, Arkansas. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Scott 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 Harvey, 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. In Harvey, the median home price stands at $50,825. The 25th percentile tax bill is $232, while the 75th percentile tax bill is $630. For those in the 90th percentile, the tax bill reaches $846. The zip code with the highest and lowest median tax bill is 72841, both valued at $373. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Harvey, Scott County, Arkansas
Source: Ownwell
$31,450
$45,613
$59,775
Average Harvey Assessed Value
$50,825
Average Scott County Assessed Value
$49,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harvey, Scott County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72841 | $9,400 | $24,788 | $50,825 | $81,388 | $117,200 |
Source: Ownwell
Property Tax Bills Across Harvey, Scott County, Arkansas
In Harvey, located in Scott County, Arkansas, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Harvey is $50,825. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners in Harvey, tax bills can vary significantly. For example, the 25th percentile tax bill is about $232, while the 75th percentile tax bill reaches $630, and the 90th percentile tax bill can be as high as $846. These tax bills are influenced by various factors, including the home's market value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Harvey's property tax rates are relatively moderate, providing some relief to homeowners. However, the variability in tax bills means that individual homeowners may experience different levels of financial impact, depending on their property's assessed value and any eligible deductions or exemptions.
Average Harvey Tax Bill
$373
Average Scott County Tax Bill
$385
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Harvey, Scott County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72841 | $113 | $232 | $373 | $630 | $846 |
Source: Ownwell