Tax Comparison: Hot springs village, AR vs Little falls, MN
Understanding Your Tax Burden
This page compares the three main types of taxes between Hot springs village, AR and Little falls, MN: property tax, income tax, and sales tax. Each of these has a different impact on your overall cost of living.
Property Tax Comparison
Property taxes are collected by local governments and used to fund schools, infrastructure, and other local services. They're typically based on the assessed value of your property.
Our property tax estimates are based on:
- U.S. median home value: $419,200 (2023 data)
- Local effective tax rates for both cities
Hot springs village, AR
$2,174
Based on a $419,200 home
Rate: 0.5187%
Little falls, MN
$3,810
Based on a $419,200 home
Rate: 0.9089%
| Data | Hot springs village, AR | Little falls, MN |
|---|---|---|
| Effective Property Tax Rate | 0.5187% | 0.9089% |
| Estimated Property Tax | $2,174 | $3,810 |
| Home Value Used | $419,200 | $419,200 |
Comparison: Property taxes in Hot springs village, AR are $1,636 lower than in Little falls, MN for the same home value.
State Income Tax Comparison
Income tax rates and brackets vary by state, impacting residents' overall tax burden. The estimates below are based on standard deductions and typical filing scenarios.
Our income tax estimates consider:
- Single filer: $100,000 annual income
- Married couple: $200,000 combined income
- Median income: $80,600 annual income
AR
2%-4.4%
Single: $3,625
Married: $6,525
MN
5.35%-9.85%
Single: $5,319
Married: $9,574
| Data | AR | MN |
|---|---|---|
| Tax Rate | 2%-4.4% | 5.35%-9.85% |
| Single Filer ($100k) | $3,625 | $5,319 |
| Married Couple ($200k) | $6,525 | $9,574 |
| Median Income ($80.6k) | $3,145 | $5,481 |
Comparison: Income taxes in AR are $2,336 lower than in MN for the median household income.
Sales Tax Comparison
Sales tax rates vary by location and can have a significant impact on your day-to-day expenses. These include state, county, city, and special district taxes that together form the total sales tax rate.
Our sales tax estimates consider:
- Average household taxable spending: $15,500 per year
- Combined state and local rates for both cities
Hot springs village, AR
12.625%
Combined rate
Annual sales tax: $1956
(Based on $15,500 spending)
Little falls, MN
9.875%
Combined rate
Annual sales tax: $1530
(Based on $15,500 spending)
| Data | Hot springs village, AR | Little falls, MN |
|---|---|---|
| State Sales Tax | 6.50% | 6.88% |
| Combined Sales Tax | 12.625% | 9.875% |
| Annual Tax Amount | $1,956 | $1,530 |
Comparison: Shopping in Little falls, MN costs $426 less in annual sales tax than in Hot springs village, AR for the average household.
Tax Comparison Insights
Tax Insights: Hot springs village vs Little falls
- Property Tax: Hot springs village has a 0.3902 percentage points lower effective property tax rate than Little falls.
- Income Tax: Living in AR could save you approximately $2,336 in state income taxes for a median household income.
- Sales Tax: The combined sales tax rate in Little falls is 2.75 percentage points lower than in Hot springs village.
Overall Tax Burden Comparison
Hot springs village, AR
$7,275
Combined annual tax burden
Property
$2,174
Income
$3,145
Sales
$1,956
Little falls, MN
$10,821
Combined annual tax burden
Property
$3,810
Income
$5,481
Sales
$1,530
Overall Comparison: Hot springs village, AR has an estimated $3,546 lower total tax burden than Little falls, MN based on our standard scenarios.
Important Tax Disclaimer
The tax information provided above is based on publicly available data and standard assumptions. Actual tax situations will vary based on:
- Individual financial circumstances
- Applicable deductions and credits
- Recent changes in tax laws
- Personal spending habits
- Local variations within cities and counties
This comparison is intended for general informational purposes only and should not be considered tax advice. For specific guidance regarding your tax situation, please consult with a qualified tax professional.