Ozan, Arkansas Property Taxes
The median property tax rate in Ozan, AR is 0.77%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Ozan at $33,200, the typical annual property tax bill reaches $168, significantly below the national median of $2,690. Property taxes in Ozan are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ozan'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 Ozan or another part of Hempstead County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ozan, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$256
$237
Ownwell’s OZAN Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in OZAN with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in OZAN to provide an accurate estimate of your property tax bill. This user-friendly tool offers valuable insights into potential tax liabilities. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Ozan, Arkansas
Property taxes in Ozan, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ozan is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Ozan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ozan 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 Ozan's effective property tax rate to other areas and the national median. For comparison, the ZIP code 71855 has the highest median property tax rate of 0.77%, while the same ZIP code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with Ozan provides valuable insights into the varying tax landscape across Hempstead County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ozan Tax Rate
0.77%
Average Hempstead County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ozan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71855 | 0.12% | 0.41% | 0.77% | 0.78% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Ozan, Arkansas
In Ozan, 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 Hempstead County 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. Assessment notices in Ozan 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 Ozan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Ozan are both $168.00, found in the 71855 zip code.
Average Ozan Assessed Value
$33,200
Average Hempstead County Assessed Value
$47,525
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ozan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71855 | $4,250 | $10,800 | $33,200 | $78,975 | $172,800 |
Source: Ownwell
Property Tax Bills Across Ozan, Arkansas
In OZAN, located in Hempstead County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $33,200, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $53, while at the 75th percentile, they rise to approximately $468. For those in the 90th percentile, tax bills can reach up to $1,118. These figures illustrate the range of property tax burdens that homeowners in OZAN may face. Compared to the national median property tax rate of 0.99%, these amounts reflect the local economic conditions and property values. Homeowners need to consider these factors when budgeting for annual expenses, as property taxes can significantly impact their financial planning.
Average Ozan Tax Bill
$168
Average Hempstead County Tax Bill
$306
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ozan, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71855 | $17 | $53 | $168 | $468 | $1,118 |
Source: Ownwell