Leola, Arkansas Property Taxes
The median property tax rate in Leola, AR is 0.73%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Leola at $61,875, the typical annual property tax bill amounts to $437, significantly below the national median of $2,690. Property taxes in Leola are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Leola'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 Leola or another part of Hot Spring County, grasping 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
0.73%
Estimate Property Tax Bill
$452
$419
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 0.73%, which is lower than both the Arkansas state median 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 72084 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Leola provides valuable insights into the varying tax landscape across Hot Spring County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leola Tax Rate
0.73%
Average Hot Spring County Tax Rate
0.79%
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 | 0.16% | 0.43% | 0.73% | 1.00% | 1.00% |
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 Hot Spring 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. 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. In Leola, the median home price is $61,875, with the highest median tax bill recorded at $437 in zip code 72084. The lowest median tax bill is also $437 in the same zip code.
Average Leola Assessed Value
$61,875
Average Hot Spring County Assessed Value
$64,425
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 | $8,550 | $28,600 | $61,875 | $116,375 | $179,035 |
Source: Ownwell
Property Tax Bills Across Leola, Arkansas
In Leola, located in Hot Spring County, AR, property tax bills are determined by assessing the property's market value and applying the local tax rate. The assessed value is a percentage of the market value, and this figure is crucial in calculating the final tax bill. For instance, with a median home price of $61,875, homeowners in Leola can expect varying tax bills. The 25th percentile tax bill is around $114, while the 75th percentile reaches approximately $814, and the 90th percentile goes up to $1,176. These tax bills are influenced by local government budgets, school funding, and public services, which rely heavily on property taxes. Homeowners in Leola may find their tax bills lower than the national median property tax rate of 0.99%, providing some financial relief. However, understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Leola Tax Bill
$437
Average Hot Spring County Tax Bill
$477
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 | $47 | $114 | $437 | $814 | $1,176 |
Source: Ownwell