Harvey, Arkansas Property Taxes
The median property tax rate in Harvey, Arkansas is 0.89%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $39,900 in Harvey, the typical annual property tax bill is $342, significantly lower than the national median of $2,690. Property taxes in Harvey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. 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, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harvey, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$355
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, Arkansas
Property taxes in Harvey, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harvey is 0.89%, slightly below 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 areas in Arkansas and the national median. For comparison, the zip code 72841 has both the highest and lowest median property tax rate in the region, with a rate of 0.89%. Understanding how these areas compare with Harvey provides valuable insights into the varying tax landscape across Yell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harvey Tax Rate
0.89%
Average Yell County Tax Rate
0.90%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harvey, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72841 | 0.61% | 0.80% | 0.89% | 0.89% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Harvey, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Harvey, Arkansas. 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 local 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. Being aware of these valuation processes in Harvey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Harvey is $39,900, with the median tax bill at $342.00 for the zip code 72841.
Average Harvey Assessed Value
$39,900
Average Yell County Assessed Value
$66,625
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harvey, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72841 | $13,020 | $32,200 | $39,900 | $60,850 | $91,763 |
Source: Ownwell
Property Tax Bills Across Harvey, Arkansas
In Harvey, located in Yell County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor, who evaluates the property's market value and then applies an assessment ratio. In Arkansas, the assessment ratio is typically 20% of the market value. For instance, with a median home price of $39,900, the assessed value would be $7,980. The local tax rate, or millage rate, is then applied to this assessed value to calculate the property tax bill. Homeowners in Harvey can expect tax bills that vary significantly. For example, at the 25th percentile, the tax bill is around $267, while at the 75th percentile, it climbs to $538. At the 90th percentile, it can reach up to $679. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Harvey's property tax rates can be seen as relatively moderate, offering some financial relief to homeowners in the area.
Average Harvey Tax Bill
$342
Average Yell County Tax Bill
$585
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Harvey, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72841 | $116 | $267 | $342 | $538 | $679 |
Source: Ownwell