Oark, Arkansas Property Taxes
The median property tax rate in Oark, AR is 0.94%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $45,700 in Oark, the typical annual property tax bill amounts to $300, which is significantly lower than the national median of $2,690. Property taxes in Oark are based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Oark'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 Oark or another part of Johnson County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oark, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$430
$399
Ownwell’s Oark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oark 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 Oark, Arkansas
Property taxes in Oark, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Oark is 0.94%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Oark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oark 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 Oark's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72852 zip code has both the highest and lowest median property tax rate in Johnson County, standing at 0.94%. Understanding how these cities compare with Oark provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oark Tax Rate
0.94%
Average Johnson County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72852 | 0.17% | 0.47% | 0.94% | 0.94% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Oark, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oark, Arkansas. 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 Johnson 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 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. Oark has a median home price of $45,700, with tax bills ranging from $136 at the 25th percentile to $792 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oark Assessed Value
$45,700
Average Johnson County Assessed Value
$80,100
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72852 | $10,950 | $20,525 | $45,700 | $75,425 | $118,975 |
Source: Ownwell
Property Tax Bills Across Oark, Arkansas
In OARK, located in Johnson County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $45,700, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $136, while those in the 75th percentile pay approximately $462. The 90th percentile sees tax bills as high as $792. Several factors influence these variations, including the property's location, size, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Johnson County's rates are relatively modest, making it an attractive option for homeowners seeking lower tax burdens. However, the impact on homeowners can still be significant, affecting monthly budgets and long-term financial planning. Understanding these factors is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Oark Tax Bill
$300
Average Johnson County Tax Bill
$542
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Oark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72852 | $49 | $136 | $300 | $462 | $792 |
Source: Ownwell