Information Relative to Real Estate in the Area
Population, Housing Costs, Cost of Living
As of 2007, Huntsville's population is 2,358 people. Since 2000, we have had a population growth of 22.11 percent.
The median home cost in Huntsville is $129,900. Home appreciation the last year has been
-7.15 percent.
Compared to the rest of the country, Huntsville's cost of living is 27.67%, lower than the U.S. average. Our cost of living indices are based on a
US average of 100. An amount below 100 means Huntsville is cheaper than the US average. A cost of living index above 100 means Huntsville
is more expensive. Overall, Huntsville cost of living is 72.33.
Huntsville public schools spend $7,500 per student. The average school expenditure in the U.S. is $6,058. There are about 15 students per teacher in Huntsville.
The unemployment rate in Huntsville is 3.70 percent(U.S. avg. is 4.60%). Recent job growth is Positive. Huntsville jobs have Increased by 2.66 percent.
Property Taxes, Sales and State Taxes
Arkansas property taxes are levied by counties, municipalities, and school districts. All households are eligible for a refund of up to $350
regardless of income or age. Political subdivisions collect taxes on real property (house and land) and personal property
(motor vehicles, boats and motors, motorcycles and all-terrain vehicles).
Assessment is based on 20 percent of the true market value.
The taxable assessed value of homesteads of residents aged 65 or older, or those who are disabled are capped at the previous year
value unless improvements are made or the property is sold.
There is no inheritance tax. In 2003 the estate tax was repealed for those deceased after January 1, 2005.
| Tax rates for Real and Personal Property
in Madison County
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|
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If you live in the
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your tax
rate is
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or as a
percentage
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Huntsville city limits
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42.90 mils
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4.29%
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Huntsville School District but live in the county
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41.10 mils
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4.11%
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St. Paul city limits
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43.31 mils
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4.331%
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St. Paul School District but live in the county
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42.51 mils
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4.251%
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Kingston School District
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44.90 mils
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4.49%
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Market Value x 20% = assessed valuation;
assessed valuation x millage = your tax;
Example: Your home is located in the Huntsville City limits. From the table above, you note that the tax rate for
property located in the Huntsville city limits is 42.9 mils or 4.29%.
According to the assessor's office, the actual value of your home and property is $100,000.
$100,000 x .20 = $20,000. (assessed valuation)
$20,000 x .0429 (Huntsville millage rate) = $858 (Your tax)
Remember, everyone gets a $350 credit!
$858 - $350 = $508 - Your total tax to be paid
Other Taxes in Arkansas
State Sales Taxes: 6.0% (prescription drugs exempt).
County Sales Tax: 2.0%
City Sales Tax: 1.0% (Total Sales Tax is 9.0%)
Food taxed at 3%
natural gas and electricity taxed at 4.5%
Gasoline Tax: 21.87 cents/gallon
Diesel Fuel Tax 22.8 cents/gallon
Cigarette Tax: 59 cents/pack of 20
Personal Income Taxes
Tax Rate Range: Low - 1.0%; High - 7.0% *
Income Brackets: Lowest - $3,699; Highest - $30,100
Number of Brackets: 6
Tax Credits: Single - $20; Married - $40; Dependents - $20
65 years of age or older - $20
Standard Deduction: Single - $2,000; Married filing jointly - $4,000
Medical/Dental Deduction: Same as Federal taxes
Federal Income Tax Deduction: None
Retirement Income Taxes: Social Security is exempt. Up to $6,000 in military, civil service, state/local government, and private pensions are exempt.
Copyright 2009 Huntsville Area Chamber of Commerce. All Rights Reserved.
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