Hickory Ridge, Arkansas Property Taxes
The median property tax rate in Hickory Ridge, AR is 0.19%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $71,625 in Hickory Ridge, the typical annual property tax bill is $197, which is well below the national median of $2,690. Property taxes in Hickory Ridge 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 Hickory Ridge'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 Hickory Ridge 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
Hickory Ridge, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.19%
Estimate Property Tax Bill
$136
Ownwell’s Hickory Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickory Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory Ridge 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 Ridge, Arkansas
Property taxes in Hickory Ridge, 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 Ridge is 0.19%, significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Hickory Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Ridge 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 Hickory Ridge's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in Arkansas is found in Pulaski County at 0.82%, while the lowest median tax rate is in Woodruff County at 0.19%. Understanding how these cities compare with Hickory Ridge provides valuable insights into the varying tax landscape across Woodruff County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Ridge Tax Rate
0.19%
Average Woodruff County Tax Rate
0.89%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Ridge, Arkansas
In Hickory Ridge, 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 Woodruff 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 Ridge, 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 Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72347 has both the highest and lowest median tax bills, each at $197.
Average Hickory Ridge Assessed Value
$71,625
Average Woodruff County Assessed Value
$44,350
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | $44,765 | $54,838 | $71,625 | $88,412 | $98,485 |
Source: Ownwell
Property Tax Bills Across Hickory Ridge, Arkansas
In Hickory Ridge, located in Woodruff County, AR, property tax bills are calculated based on the assessed value of a home. This assessed value is a percentage of the property's market value, which is determined by the county assessor. For homeowners in Hickory Ridge, the median home price stands at $71,625. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions or deductions. In Hickory Ridge, the tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $197. This uniformity suggests a relatively stable tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Hickory Ridge offers a more predictable and potentially lower tax burden, making it an attractive option for homeowners looking for affordability and stability in their property tax obligations.
Average Hickory Ridge Tax Bill
$197
Average Woodruff County Tax Bill
$317
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Ridge, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72347 | $197 | $197 | $197 | $197 | $197 |
Source: Ownwell