Oak Grove, Arkansas Property Taxes
The median property tax rate in Oak Grove, AR is 0.73%, which is considerably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Oak Grove at $72,450, the typical annual property tax bill is $467, significantly less than the national median of $2,690. Property taxes in Oak Grove are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Oak Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oak Grove 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
Oak Grove, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$529
Ownwell’s Oak Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Grove 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 Oak Grove, Arkansas
Property taxes in Oak Grove, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Grove is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Oak Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Grove 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 Oak Grove's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 72660 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Oak Grove provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Grove Tax Rate
0.73%
Average Carroll County Tax Rate
0.66%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72660 | 0.15% | 0.40% | 0.73% | 0.97% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Oak Grove, Arkansas
In Oak Grove, Arkansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Carroll County Assessor's Office 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 Oak Grove, 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 Oak Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72660 at $467, which is the same as the lowest median tax bill in the area.
Average Oak Grove Assessed Value
$72,450
Average Carroll County Assessed Value
$140,725
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72660 | $22,090 | $36,850 | $72,450 | $122,600 | $227,400 |
Source: Ownwell
Property Tax Bills Across Oak Grove, Arkansas
In Oak Grove, Carroll County, AR, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in the area is $72,450, and property tax rates in this region can vary significantly. Homeowners in Oak Grove can expect tax bills to range from the 25th percentile at $216, to the 75th percentile at $832, and up to the 90th percentile at $1,415. The highest and lowest median tax bills are both recorded at $467 in the zip code 72660. These figures illustrate the variability in tax obligations depending on property values and specific local tax rates. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Oak Grove's property taxes present a unique landscape that homeowners must navigate to manage their financial responsibilities effectively.
Average Oak Grove Tax Bill
$467
Average Carroll County Tax Bill
$850
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Grove, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72660 | $94 | $216 | $467 | $832 | $1,415 |
Source: Ownwell