Oil Trough, Arkansas Property Taxes
The median property tax rate in Oil Trough, AR is 0.61%, 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 in Oil Trough of $48,575, the typical annual property tax bill amounts to $212, significantly below the national median of $2,690. Property taxes in Oil Trough are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oil Trough'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 Oil Trough or another part of Independence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oil Trough, 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 OIL TROUGH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OIL TROUGH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OIL TROUGH 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 Oil Trough, Arkansas
Property taxes in Oil Trough, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oil Trough is 0.61%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Oil Trough set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oil Trough 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 Oil Trough's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest and lowest median property tax rates in Independence County are both 0.61%, found in the zip code 72564. Understanding how these cities compare with Oil Trough provides valuable insights into the varying tax landscape across Independence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oil Trough Tax Rate
0.61%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oil Trough, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72564 | 0.12% | 0.23% | 0.61% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Oil Trough, Arkansas
In Oil Trough, 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 Independence County Appraisal District 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. 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 Oil Trough helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Oil Trough is $212.00, while the lowest median tax bill is also $212.00, both in the 72564 zip code.
Average Oil Trough Assessed Value
$48,575
Average Independence County Assessed Value
$66,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oil Trough, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72564 | $11,905 | $27,400 | $48,575 | $66,612 | $122,200 |
Source: Ownwell
Property Tax Bills Across Oil Trough, Arkansas
In Oil Trough, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, with a median home price of $48,575, the assessed value is determined by local tax authorities. The property tax rate in Independence County is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and any applicable exemptions. Homeowners in Oil Trough can expect their tax bills to vary significantly, ranging from the 25th percentile at $77 to the 90th percentile at $823. The median tax bill in the area is $212, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential community services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how property taxes are calculated helps homeowners budget effectively and take advantage of any available tax exemptions.
Average Oil Trough Tax Bill
$212
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Oil Trough, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72564 | $52 | $77 | $212 | $463 | $823 |
Source: Ownwell