Ozone, Arkansas Property Taxes
The median property tax rate in Ozone, AR is 0.76%, lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Ozone at $59,400, the typical annual property tax bill is $388, significantly under the national median of $2,690. Property taxes in Ozone are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ozone'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 Ozone or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ozone, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$451
$419
Ownwell’s Ozone Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Ozone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ozone to provide an estimate of your property tax bill. This invaluable tool helps you understand potential tax liabilities. For those interested in more granular insights, you can scroll down to find localized information at the neighborhood level. Your property’s assessed value is determined by Johnson County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Ozone, Arkansas
Property taxes in Ozone, Arkansas, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ozone is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Ozone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ozone 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 Ozone's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72854 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Ozone 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 Ozone 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 Ozone, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72854 | 0.16% | 0.39% | 0.76% | 1.01% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Ozone, Arkansas
In Ozone, 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 Ozone, 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 Ozone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $388.00, found in the 72854 zip code.
Average Ozone Assessed Value
$59,400
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 Ozone, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72854 | $16,600 | $34,750 | $59,400 | $99,825 | $153,300 |
Source: Ownwell
Property Tax Bills Across Ozone, Arkansas
In Ozone, Johnson County, AR, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. For homeowners in this area, understanding how these taxes are determined is crucial. The median home price in Ozone is $59,400. Taxes are then calculated using the local tax rate, which is applied to the assessed value. Factors such as property location, improvements, and exemptions can influence the final tax bill. For instance, the 25th percentile of tax bills is $152, while the 75th percentile reaches $686. At the 90th percentile, homeowners might see tax bills as high as $1,110. These figures show how property taxes can vary significantly within the same area. Comparatively, the national median property tax rate is 0.99%, making Ozone's tax rates relatively moderate. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Ozone Tax Bill
$388
Average Johnson County Tax Bill
$542
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ozone, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72854 | $49 | $152 | $388 | $686 | $1,110 |
Source: Ownwell