Ozark, Arkansas Property Taxes
The median property tax rate in Ozark, AR is 0.68%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $75,250 in Ozark, the typical annual property tax bill amounts to $495, significantly below the national median of $2,690. Property taxes in Ozark are determined based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Ozark's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ozark or another part of Franklin County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ozark, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Ozark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ozark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ozark 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 Ozark, Arkansas
Property taxes in Ozark, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ozark is 0.52%, significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Ozark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ozark 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 Ozark's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72949 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Ozark provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ozark Tax Rate
0.68%
Average Franklin County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ozark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72949 | 0.15% | 0.41% | 0.68% | 0.96% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Ozark, Arkansas
In Ozark, 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 Franklin 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 Ozark, 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 Ozark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ozark is $75,250, with tax bills ranging from $220 at the 25th percentile to $1,303 at the 90th percentile. The zip code with the highest and lowest median tax bill is 72949, both at $495.
Average Ozark Assessed Value
$75,250
Average Franklin County Assessed Value
$75,300
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ozark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72949 | $22,025 | $46,050 | $75,250 | $120,938 | $173,900 |
Source: Ownwell
Property Tax Bills Across Ozark, Arkansas
In Ozark, located in Franklin County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Ozark is $75,250. Property tax rates are applied to this assessed value to determine the tax bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For homeowners in Ozark, the property tax bill can range significantly. At the 25th percentile, the tax bill is approximately $220, while at the 75th percentile, it rises to around $831. For those at the 90th percentile, the bill can reach up to $1,303. The highest and lowest median tax bills in the area both stand at $495, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Ozark residents.
Average Ozark Tax Bill
$495
Average Franklin County Tax Bill
$476
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ozark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72949 | $60 | $220 | $495 | $831 | $1,303 |
Source: Ownwell