Hot Springs offers a high quality of life with living expenses lower than the national average.  In the ACCRA Cost of Living Survey of 2004, Hot Springs' cost of living is 14% lower than the national average.  (Items surveyed included housing, grocery items, utilities, transportation, health care, and miscellaneous goods and services.)  Not only is Hot Springs a great place to call home, but it is also an affordable answer for the needs of families and businesses.

HOUSING - The average cost for a new construction three bedroom/two bath home with attached garage for 2005 was $196,891.  The average rental rate for 2005 was $532.

SALES TAX - Currently within the city of Hot Springs, the sales tax is 8%.  Of that amount 6% is a state tax, 1.5% is a city sales tax, and .5% is a county sales tax.  Also within the city limits, an additional 3% tourism tax is collected from hotels, motels, and restaurants.

PERSONAL PROPERTY TAX - 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.  A $300 homestead credit is given to area residents.
      
         School District                  Total mills per assessed value
         Jessieville                           .0361
         Lake Hamilton                  .0374
         Hot Springs                       .0416
         Lakeside                            .0402
         Fountain Lake                  .0338
         Cutter Morning Star         .0386
         Mountain Pine                  .0395 (in city limits)
                                                     .0345 (outside city limits)

 PERSONAL OR INDIVIDUAL STATE INCOME TAX - Resident individuals, estates and trusts, as well as non-resident individuals, estates and trusts, deriving income from within the state are subject to tax on their net income at the following rates (the first $6,000 of pensions is not taxed):

At Least:            But Not More Than:                  Tax Rate:
$0                              $3,499                                    1%
$3,500                        $6,999                                    2.5% minus $52.49
$7,000                        $10,499                                  3.5% minus $122.48
$10,500                      $17,499                                  4.5% minus $227.47
$17,500                      $29,199                                  6% minus $489.96
$29,200                      And Over                              7% minus $781.95

If you use a formula to calculate Arkansas income tax, the results must match the table exactly.  The calculations in the table are made at the midpoint of each income level.
Example:  for income level $14,800 to $14,900
($14,800 + $14,900)/2 = $14,850 x .045 = $688.25 - $227.47 = $440.78 rounded to $441

UTILITIES (Residential Rates)
Natural Gas - CenterPoint Entergy
$0.34655/css rate per CU/FT (for 1-50 CU/FT)
$0.16664/ccs rate per CU/FT (for 51 CU/FT and above)
Customer charge:  $9.75 per month
The rates per CU/FT change frequently, please call 800-992-7552 for more information.

Electricity - Entergy
The average electric bill using 1,000 KW/HR is estimated for 2007 to be $102.82 per month, excluding taxes and franchise fees.  This includes the customer charge.  Call 800-368-3749 for more information.

Water:
Within City Limits:
$4.22 per first 1,000 gallons
$2.13 per each additional 1,000 gallons
Outside City Limits:
$6.40 per first 1,000 gallons
$3.20 per each additional 1,000 gallons

Sewer:
Within City Limits:
$11.45 per first 1,000 gallons; $2.67 per each additional 1,000 gallons
Outside City Limits:
$15.95 per first 1,000 gallons; $3.72 per each additional 1,000 gallons