O Kean, Arkansas Property Taxes
The median property tax rate in O Kean, AR is 0.90%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in O Kean at $29,362, the typical annual property tax bill is $157, significantly below the national median of $2,690. Property taxes in O Kean are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding O Kean'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 O Kean or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
O Kean, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$264
$245
Ownwell’s O Kean Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in O Kean with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in O Kean to provide an estimated property tax bill. This valuable tool aids in understanding potential tax liabilities, offering a clearer financial picture. For those interested in more granular insights, scroll down to explore trends at a neighborhood level. Your property’s assessed value, determined by Randolph County, is used for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across O Kean, Arkansas
Property taxes in O Kean, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in O Kean is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within O Kean set these rates annually, and they can vary significantly across different neighborhoods. Each year, O Kean 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 O Kean's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72449 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with O Kean provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average O Kean Tax Rate
0.90%
Average Randolph County Tax Rate
0.59%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across O Kean, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72449 | 0.18% | 0.41% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across O Kean, Arkansas
In O Kean, 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 Randolph 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. In O Kean, 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 O Kean helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72449 has both the highest and lowest median tax bill at $157.
Average O Kean Assessed Value
$29,362
Average Randolph County Assessed Value
$65,900
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across O Kean, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72449 | $4,883 | $15,169 | $29,362 | $46,631 | $73,190 |
Source: Ownwell
Property Tax Bills Across O Kean, Arkansas
In O Kean, located in Randolph County, AR, property tax bills are calculated based on the assessed value of the home. The assessed value is determined by the county assessor and is typically a percentage of the market value of the property. Homeowners in O Kean can expect property tax bills to vary significantly; for instance, the 25th percentile tax bill is around $85, while the 75th percentile tax bill reaches $264. The highest median tax bill recorded in the area is $157 in the zip code 72449, which is notably affordable compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding their property tax bill is essential for financial planning, as it can impact their overall housing costs. By staying informed about how these taxes are calculated, homeowners can better anticipate their annual expenses.
Average O Kean Tax Bill
$157
Average Randolph County Tax Bill
$338
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across O Kean, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72449 | $30 | $85 | $157 | $264 | $323 |
Source: Ownwell