Mount Holly, Arkansas Property Taxes
The median property tax rate in Mount Holly, AR is 0.59%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Mount Holly at $72,050, the typical annual property tax bill amounts to $377, well below the national median of $2,690. Property taxes in Mount Holly are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Holly'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 Mount Holly or another part of Union County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Holly, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$425
Ownwell’s MOUNT HOLLY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT HOLLY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT HOLLY 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 Mount Holly, Arkansas
Property taxes in Mount Holly, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Holly is 0.59%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Mount Holly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Holly 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 Mount Holly's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 71758 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Mount Holly provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Holly Tax Rate
0.59%
Average Union County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Holly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71758 | 0.13% | 0.31% | 0.59% | 0.83% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Mount Holly, Arkansas
In Mount Holly, 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 Union 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. 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 Mount Holly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Mount Holly, the highest median tax bill is $377 in the 71758 zip code, which reflects the local property values and tax rates.
Average Mount Holly Assessed Value
$72,050
Average Union County Assessed Value
$69,050
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Holly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71758 | $20,820 | $40,650 | $72,050 | $131,900 | $195,750 |
Source: Ownwell
Property Tax Bills Across Mount Holly, Arkansas
In Mount Holly, 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 Mount Holly is $72,050. To determine the tax bill, the assessed value is multiplied by the local tax rate. For instance, if a home is assessed at 20% of its market value, a property valued at $72,050 would have an assessed value of $14,410. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including local tax rates, property assessments, and any applicable exemptions. Homeowners in Mount Holly experience a range of tax bills, with the 25th percentile at $181 and the 75th percentile at $694. The 90th percentile reaches up to $1,412, reflecting variations in property values and tax rates. Compared to the national median property tax rate of 0.99%, Mount Holly's tax rates offer a relatively affordable option for homeowners.
Average Mount Holly Tax Bill
$377
Average Union County Tax Bill
$378
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Holly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71758 | $76 | $181 | $377 | $694 | $1,412 |
Source: Ownwell