Ozone, Arkansas Property Taxes
The median property tax rate in Ozone, AR is 0.72%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Ozone at $71,700, the typical annual property tax bill amounts to $470, significantly below the national median of $2,690. Property taxes in Ozone 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 Ozone'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 Ozone or another part of Newton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ozone, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$516
Ownwell’s Ozone Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Ozone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ozone 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 Ozone, Arkansas
Property taxes in Ozone, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ozone is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Ozone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ozone 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 Ozone's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72854 has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these areas compare with Ozone provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ozone Tax Rate
0.72%
Average Newton County Tax Rate
0.71%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ozone, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72854 | 0.60% | 0.66% | 0.72% | 0.80% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Ozone, Arkansas
In Ozone, 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 Newton County Assessor 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 Ozone, 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 Ozone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $470.00 in the zip code 72854, which is also the lowest median tax bill, providing a uniform understanding of tax expectations for residents.
Average Ozone Assessed Value
$71,700
Average Newton County Assessed Value
$77,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ozone, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72854 | $34,130 | $43,275 | $71,700 | $150,988 | $220,705 |
Source: Ownwell
Property Tax Bills Across Ozone, Arkansas
In Ozone, located in Newton County, AR, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the county assessor. The median home price in Ozone is $71,700, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and any improvements or renovations can influence the assessed value. For instance, homeowners in Ozone might see tax bills ranging from $355 at the 25th percentile to $1,695 at the 90th percentile. The highest median tax bill in the region is $470, which is significantly lower than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. While lower property taxes can make homeownership more affordable, they also mean fewer resources for community services. Homeowners in Ozone should be aware of these dynamics to better understand their tax obligations and the benefits they receive in return.
Average Ozone Tax Bill
$470
Average Newton County Tax Bill
$525
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ozone, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72854 | $248 | $355 | $470 | $1,009 | $1,695 |
Source: Ownwell