Rainbow Realty - Hot Springs, Arkansas Area Information / Cost of Living

Area Amenities / Cost of Living / History

Cost of living Hot Springs offers a high quality of life yet with living expenses much lower than most resort areas. In the ACCRA Cost of Living Survey (2nd Quarter, 1994), Hot Springs' cost of living is 6.3% lower than the national average. (Items surveyed included housing, grocery items, utilities, transportation, health care, and misc. goods and services.) Not only is Hot Springs a great place to live, but it is also an affordable answer for the needs of family and business. Sales Taxes Currently, within the city of Hot Springs, the sales tax is 6 1/2 %. Of that amount, 4 1/2 % is a state sales tax, 1/2 % is a county tax, and 1 1/2 % is a city tax. Also within the city limits an additional 3% tourism tax is collected from hotels, motels, and restaurants. Personal or Individual State Income Tax Resident individuals, estates and trusts, and non-resident individuals, estates and trusts deriving income from within the state are subject to tax on their net income at the following rates: Net Taxable Income Rate First $2,999 - 1% Next $3,000 - 2.5% Next $3,000 - 3.5% Next $6,000 - 4.5% Next $10,000 - 6% $25,000 or over - 7% Personal Property Taxes..... Personal property includes such items as autos, boats and motors, motorcycles, golf carts, RV's and camping trailers. Assessment is made by personally appearing before the assessor at the courthouse. Property Taxes................ Garland County collects a property tax for any domicile, commercial building, or industrial facility located within the county at an effective rate determined by the school district in which the property is located. Property is assessed at 20% of market value. School Mills/$1000 District of Value Jessieville 31.90 Lake Hamilton 34.50 Hot Springs 40.92 Lakeside 36.70 Fountain Lake 36.60 Cutter 35.60 Mt. Pine 36.60 Utilities - Residential * Natural Gas - $.53 per 100 CUFT * Electricity - $.095 per KW/HR * Water - $2.47 per 1,000 gal. ($1.23 per each additional 1,000 gal.) * Sewer - $10.80 base rate for first 1,200 gal. Customers are charged for total usage less 12%.

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