Hackett, Arkansas Property Taxes
The median property tax rate in Hackett, AR is 0.94%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. Given the median home value in Hackett is $75,975, the typical annual property tax bill amounts to $658, which is significantly below the national median of $2,690. Property taxes in Hackett 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 Hackett'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 Hackett 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
Hackett, 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 Hackett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hackett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hackett 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 Hackett, Arkansas
Property taxes in Hackett, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hackett is 0.58%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Hackett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hackett 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 Hackett's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72937 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Hackett provides valuable insights into the varying tax landscape across Sebastian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hackett Tax Rate
0.94%
Average Sebastian County Tax Rate
1.04%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hackett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72937 | 0.64% | 0.84% | 0.94% | 0.96% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Hackett, Arkansas
In Hackett, 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 Sebastian County Assessor 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 Hackett, 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 Hackett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 72937 has the highest median tax bill of $658, which is significantly lower than the national average.
Average Hackett Assessed Value
$75,975
Average Sebastian County Assessed Value
$104,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hackett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72937 | $20,250 | $41,238 | $75,975 | $127,875 | $184,800 |
Source: Ownwell
Property Tax Bills Across Hackett, Arkansas
Property tax bills in Hackett, located in Sebastian County, AR, are calculated based on the assessed value of a property, which is a percentage of its market value. In Hackett, the median home price is $75,975. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile pay around $362 annually, while those in the 75th percentile see bills closer to $1,129. At the 90th percentile, tax bills can reach up to $1,631. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hackett's rates are relatively moderate, making it a more affordable option for homeowners. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly. The highest and lowest median tax bills in the area both stand at $658, indicating a fairly uniform tax rate across different properties.
Average Hackett Tax Bill
$658
Average Sebastian County Tax Bill
$994
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hackett, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72937 | $194 | $362 | $658 | $1,129 | $1,631 |
Source: Ownwell