Black Oak, Arkansas Property Taxes
The median property tax rate in Black Oak, AR is 0.86%, slightly higher than the state median of 0.84% but lower than the national median of 0.99%. Given the median home value in Black Oak is $65,278, the typical annual property tax bill is $521, significantly below the national median of $2,690. Property taxes in Black Oak 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 Black Oak'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 Black Oak 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
Black Oak, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$561
Ownwell’s BLACK OAK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BLACK OAK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BLACK OAK 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 Black Oak, Arkansas
Property taxes in Black Oak, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Black Oak is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Black Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Black Oak 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 Black Oak's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72414 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 Black Oak provides valuable insights into the varying tax landscape across Craighead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Black Oak Tax Rate
0.86%
Average Craighead County Tax Rate
0.83%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Black Oak, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72414 | 0.55% | 0.74% | 0.86% | 0.86% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Black Oak, Arkansas
In Black Oak, 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 Craighead 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 Black Oak, 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 Black Oak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Black Oak is $65,278, with tax bills ranging from $292 at the 25th percentile to $1,580 at the 90th percentile. The highest and lowest median tax bill in the area is $521 in zip code 72414.
Average Black Oak Assessed Value
$65,278
Average Craighead County Assessed Value
$151,595
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Black Oak, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72414 | $14,200 | $37,991 | $65,278 | $117,369 | $195,378 |
Source: Ownwell
Property Tax Bills Across Black Oak, Arkansas
In Black Oak, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Black Oak is $65,278. Homeowners in the area can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $292, while the 75th percentile tax bill reaches up to $985. At the 90th percentile, homeowners might see tax bills as high as $1,580. These tax bills are determined by applying the local tax rate to the assessed value of the property. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Black Oak's property tax rates can provide some relief to homeowners, but the variability underscores the importance of understanding individual property assessments. This variability can significantly impact homeowners, influencing their overall financial planning and investment in property.
Average Black Oak Tax Bill
$521
Average Craighead County Tax Bill
$1,210
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Black Oak, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72414 | $85 | $292 | $521 | $985 | $1,580 |
Source: Ownwell