Omaha, Boone County, Arkansas Property Taxes
The median property tax rate in Omaha, Arkansas is 0.87%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $97,925 in Omaha, the typical annual property tax bill is $780, which is significantly below the national median of $2,690. Property taxes in Omaha are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Omaha’s property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in Omaha or another part of Boone County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Omaha, Boone County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$852
$791
Ownwell’s Omaha Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Omaha with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Omaha 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 Omaha, Boone County, Arkansas
Property taxes in Omaha, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Omaha is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Omaha set these rates annually, and they can vary significantly across different neighborhoods. Each year, Omaha 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 Omaha's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72662 zip code has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Omaha provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Omaha Tax Rate
0.87%
Average Boone County Tax Rate
0.89%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Omaha, Boone County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72662 | 0.64% | 0.74% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Omaha, Boone County, Arkansas
In Omaha, 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 Boone 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 Omaha, 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 Omaha helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Omaha is $97,925, with tax bills ranging from $368 at the 25th percentile to $1,974 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 72662, with a median tax bill of $780.
Property Tax Assessment Values Across Omaha, Boone County, Arkansas
Source: Ownwell
$70,200
$97,650
$125,100
Average Omaha Assessed Value
$97,925
Average Boone County Assessed Value
$102,750
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Omaha, Boone County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72662 | $18,550 | $45,675 | $97,925 | $171,438 | $242,190 |
Source: Ownwell
Property Tax Bills Across Omaha, Boone County, Arkansas
In Omaha, Boone County, AR, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the assessed value, including the property's size, location, and any improvements made. For homeowners in Omaha, the median home price is $97,925. The tax bill can vary significantly, with the 25th percentile at $368 and the 75th percentile reaching $1,380. At the 90th percentile, homeowners might see a tax bill as high as $1,974. The highest median tax bill in the area is $780, found in the zip code 72662. Compared to the national median property tax rate of 0.99%, Omaha's tax rates are relatively moderate, which can be a financial relief for homeowners. However, understanding these factors and how they affect your tax bill is crucial for effective financial planning.
Average Omaha Tax Bill
$780
Average Boone County Tax Bill
$870
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Omaha, Boone County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72662 | $162 | $368 | $780 | $1,380 | $1,974 |
Source: Ownwell