Okolona, Arkansas Property Taxes
The median property tax rate in Okolona, Arkansas, is 0.86%, 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 $37,200 in Okolona, the typical annual property tax bill amounts to $266, which is significantly below the national median of $2,690. Property taxes in Okolona are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Okolona'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 Okolona or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Okolona, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$320
$297
Ownwell’s Okolona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okolona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okolona 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 Okolona, Arkansas
Property taxes in Okolona, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okolona is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Okolona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okolona 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 Okolona's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71962 zip code has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Okolona provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okolona Tax Rate
0.86%
Average Clark County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okolona, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71962 | 0.14% | 0.42% | 0.86% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Okolona, Arkansas
In Okolona, 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 Clark 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 Okolona, 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. For instance, the median home price in Okolona is $37,200, with tax bills ranging from $96 at the 25th percentile to $882 at the 90th percentile. The highest and lowest median tax bills are both $266, found in the 71962 zip code. By understanding 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 Okolona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Okolona Assessed Value
$37,200
Average Clark County Assessed Value
$58,450
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okolona, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71962 | $6,740 | $16,662 | $37,200 | $79,850 | $128,330 |
Source: Ownwell
Property Tax Bills Across Okolona, Arkansas
In Okolona, located in Clark County, AR, property tax bills are calculated based on the assessed value of a property, which is typically a fraction of its market value. The median home price in Okolona is $37,200. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, homeowners at the 25th percentile can expect a tax bill around $96, while those at the 75th percentile might see a bill closer to $612. The 90th percentile tax bill reaches approximately $882. These figures show a range that reflects the varying property values and corresponding tax liabilities within the city. The highest and lowest median tax bill in the area both stand at $266, indicating a relatively consistent tax rate within certain zones. Compared to the national median property tax rate of 0.99%, Okolona's property tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Okolona Tax Bill
$266
Average Clark County Tax Bill
$458
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Okolona, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71962 | $30 | $96 | $266 | $612 | $882 |
Source: Ownwell