Ozark, Arkansas Property Taxes
The median property tax rate in Ozark, Arkansas is 0.76%, 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 Ozark at $69,450, the typical annual property tax bill amounts to $419, significantly below the national median of $2,690. Property taxes in Ozark are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Ozark'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 Ozark or another part of Johnson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ozark, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$528
$490
Ownwell’s Ozark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ozark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ozark 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 Ozark, Arkansas
Property taxes in Ozark, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ozark is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Ozark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ozark 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 Ozark's effective property tax rate to other regions and the national median. For comparison, the zip code 72949 in Johnson County has both the highest and lowest median property tax rate of 0.76%, reflecting a uniform rate across the area. Understanding how these cities compare with Ozark 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 Ozark Tax Rate
0.76%
Average Johnson County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ozark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72949 | 0.20% | 0.48% | 0.76% | 0.94% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Ozark, Arkansas
In Ozark, 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 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. In Ozark, 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. For example, in the 72949 zip code, the median tax bill is $419. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ozark Assessed Value
$69,450
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 Ozark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72949 | $17,495 | $35,375 | $69,450 | $124,462 | $207,650 |
Source: Ownwell
Property Tax Bills Across Ozark, Arkansas
Property tax bills in Ozark, located in Johnson County, AR, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. For instance, with a median home price of $69,450, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $177, while those in the 75th percentile might see bills closer to $817. The top 10% of property owners could face tax bills up to $1,632. Several factors influence these tax bills, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Ozark's property tax rates can be considered relatively moderate. Understanding these factors and their impact on property tax bills helps homeowners budget more effectively and anticipate changes in their annual expenses.
Average Ozark Tax Bill
$419
Average Johnson County Tax Bill
$542
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ozark, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72949 | $64 | $177 | $419 | $817 | $1,632 |
Source: Ownwell