Leola, Arkansas Property Taxes
The median property tax rate in Leola, Arkansas is 0.99%, which aligns with the national median of 0.99% but is higher than the Arkansas state median of 0.84%. With the median home value in Leola at $32,850, the typical annual property tax bill reaches $323, significantly lower than the national median of $2,690. Property taxes in Leola are calculated based on the tax assessed value, which is often below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Leola'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 Leola 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
Leola, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$325
$302
Ownwell’s Leola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leola 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 Leola, Arkansas
Property taxes in Leola, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leola is 0.61%, which is significantly lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Leola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leola 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 Leola's effective property tax rate to other counties in Arkansas and the national median. For comparison, the highest median property tax rate in the county is 0.61%, while the lowest median tax rate is also 0.61%. Understanding how these cities compare with Leola provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leola Tax Rate
0.99%
Average Dallas County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72084 | 0.94% | 0.99% | 0.99% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Leola, Arkansas
In Leola, 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 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 Leola, 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. The median home price in Leola is $32,850, with tax bills ranging from $170 at the 25th percentile to $723 at the 90th percentile. 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 Leola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leola Assessed Value
$32,850
Average Dallas County Assessed Value
$34,750
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72084 | $8,820 | $17,200 | $32,850 | $52,650 | $74,440 |
Source: Ownwell
Property Tax Bills Across Leola, Arkansas
In Leola, Dallas County, AR, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Leola, this means that any improvements or changes to the property can affect their tax bill. The median home price in Leola is $32,850, with property tax bills ranging from $170 at the 25th percentile to $723 at the 90th percentile. This variation highlights how individual property characteristics and local tax rates impact the overall tax burden. Compared to the national median property tax rate of 0.99%, homeowners in Leola may find their tax bills relatively manageable. However, understanding these factors is crucial for homeowners to anticipate their annual tax obligations and plan accordingly.
Average Leola Tax Bill
$323
Average Dallas County Tax Bill
$345
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Leola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72084 | $87 | $170 | $323 | $521 | $723 |
Source: Ownwell