Omaha, Arkansas Property Taxes
The median property tax rate in Omaha, Arkansas is 0.63%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $102,200 in Omaha, the typical annual property tax bill amounts to $435, significantly below the national median of $2,690. Property taxes in Omaha are calculated based on the assessed value, which often falls below market value due to various exemptions like primary residence and agricultural exemptions. Understanding Omaha'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 Omaha or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Omaha, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$644
$597
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, Arkansas
Property taxes in Omaha, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Omaha is 0.63%, 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 zip code 72662 has both the highest and the lowest median property tax rate of 0.63%. Understanding how these cities compare with Omaha provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Omaha Tax Rate
0.63%
Average Carroll County Tax Rate
0.66%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Omaha, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72662 | 0.12% | 0.27% | 0.63% | 0.78% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Omaha, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Omaha, Carroll County, Arkansas. 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 local 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 highest median tax bill in Omaha is $435 in zip code 72662, while the lowest median tax bill is also $435 in the same zip code.
Average Omaha Assessed Value
$102,200
Average Carroll County Assessed Value
$140,725
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Omaha, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72662 | $21,110 | $37,888 | $102,200 | $153,775 | $191,990 |
Source: Ownwell
Property Tax Bills Across Omaha, Arkansas
In Omaha, Carroll County, AR, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Omaha is $102,200. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $227 and the 75th percentile reaching $956. For those in the 90th percentile, tax bills can go as high as $1,499. The highest and lowest median tax bill in the area both stand at $435, found in zip code 72662. Several factors influence these tax bills, 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 how these factors affect their property tax bill can help in budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Omaha's property tax rates provide a relatively affordable option for residents.
Average Omaha Tax Bill
$435
Average Carroll County Tax Bill
$850
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Omaha, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72662 | $85 | $227 | $435 | $956 | $1,499 |
Source: Ownwell