Oakland, Arkansas Property Taxes
The median property tax rate in Oakland, AR is 0.82%, slightly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $118,125 in Oakland, the typical annual property tax bill amounts to $794, significantly below the national median of $2,690. Property taxes in Oakland are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Oakland'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 Oakland 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
Oakland, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Oakland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland 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 Oakland, Arkansas
Property taxes in Oakland, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72661 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Oakland provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
0.82%
Average Marion County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72661 | 0.46% | 0.65% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Arkansas
In Oakland, 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 Marion 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 Oakland, 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72661, with a median tax bill of $794.00.
Average Oakland Assessed Value
$118,125
Average Marion County Assessed Value
$88,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72661 | $12,195 | $38,762 | $118,125 | $197,038 | $270,970 |
Source: Ownwell
Property Tax Bills Across Oakland, Arkansas
In Oakland, Marion County, AR, property tax bills are determined by assessing the value of a home and applying the local tax rate to this assessed value. The median home price in Oakland is $118,125. Homeowners can expect their tax bills to vary significantly based on their property's assessed value and applicable exemptions. For example, the 25th percentile tax bill is $270, while the 75th percentile tax bill is $1,332, and the 90th percentile tax bill reaches $2,030. These figures highlight the range of tax obligations residents might face. Factors influencing the tax bill include the assessed value of the property, which is typically a percentage of the market value, and any applicable exemptions that may reduce the taxable amount. Compared to the national median property tax rate of 0.99%, Oakland's property tax rates offer a glimpse into the local economic landscape. Homeowners in Oakland should be aware of these factors to better understand their property tax obligations and potential savings through exemptions.
Average Oakland Tax Bill
$794
Average Marion County Tax Bill
$708
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72661 | $90 | $270 | $794 | $1,332 | $2,030 |
Source: Ownwell