Leola, Arkansas Property Taxes
The median property tax rate in Leola, Arkansas is 0.88%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Leola at $42,150, the typical annual property tax bill amounts to $363, which is significantly below the national median of $2,690. Property taxes in Leola are calculated based on the tax assessed value, which often falls below the market value due to various 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 Grant County, 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
0.88%
Estimate Property Tax Bill
$371
$344
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leola is 0.88%, which is slightly below 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 zip code 72084 has both the highest and lowest median property tax rate of 0.88%. 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
0.88%
Average Grant County Tax Rate
0.85%
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 | 0.66% | 0.73% | 0.88% | 0.92% | 0.94% |
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 Grant 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 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. 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. The highest median tax bill in Leola is $363 in the 72084 zip code, which is also the lowest median tax bill, reflecting the uniformity in property tax assessments within the area.
Average Leola Assessed Value
$42,150
Average Grant County Assessed Value
$100,075
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 | $7,430 | $17,462 | $42,150 | $71,200 | $133,295 |
Source: Ownwell
Property Tax Bills Across Leola, Arkansas
Property tax bills in Leola, Grant County, AR, are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Leola can expect their property tax bills to fall within a range, reflecting the variability in property values and tax rates. For instance, the tax bill at the 25th percentile is around $152, while at the 75th percentile, it rises to approximately $566. The 90th percentile tax bill can reach up to $999, indicating higher-value properties or those with additional assessments. The median home price in Leola is $42,150, and the local tax rate is compared to the national median property tax rate of 0.99%. This comparison helps homeowners understand how their local tax obligations stack up against the broader national context. Factors such as property improvements, neighborhood developments, and changes in market conditions can affect the assessed value, thereby influencing the final tax bill. Understanding these elements is crucial for homeowners to manage their finances and anticipate future tax liabilities.
Average Leola Tax Bill
$363
Average Grant County Tax Bill
$770
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 | $68 | $152 | $363 | $566 | $999 |
Source: Ownwell