Osceola, Arkansas Property Taxes
The median property tax rate in Osceola, AR is 0.92%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $65,545 in Osceola, the typical annual property tax bill is $594, which is significantly less than the national median of $2,690. Property taxes in Osceola are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Osceola'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 Osceola 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
Osceola, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$603
$560
Ownwell’s Osceola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osceola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osceola 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 Osceola, Arkansas
Property taxes in Osceola, Arkansas, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osceola is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Osceola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osceola 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 Osceola's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72370 has both the highest and lowest median property tax rate of 0.92%, identical to Osceola's rate. Understanding how these areas compare with Osceola provides valuable insights into the varying tax landscape across Mississippi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Osceola Tax Rate
0.92%
Average Mississippi County Tax Rate
0.86%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osceola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72370 | 0.59% | 0.76% | 0.92% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Osceola, Arkansas
In Osceola, 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 Mississippi County Assessor 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 Osceola, 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 Osceola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Osceola are both $594, found in the 72370 zip code.
Average Osceola Assessed Value
$65,545
Average Mississippi County Assessed Value
$66,110
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Osceola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72370 | $17,624 | $36,572 | $65,545 | $101,869 | $149,439 |
Source: Ownwell
Property Tax Bills Across Osceola, Arkansas
In Osceola, Arkansas, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Osceola, the median home price is approximately $65,545. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is around $294, while the 75th percentile reaches $921, and the 90th percentile can go up to $1,410. The highest median tax bill recorded in the area is $594, specifically in the 72370 zip code. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community. Compared to the national median property tax rate of 0.99%, Osceola's rates can be considered relatively moderate, offering a balance between affordability and quality public services for homeowners.
Average Osceola Tax Bill
$594
Average Mississippi County Tax Bill
$527
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Osceola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72370 | $125 | $294 | $594 | $921 | $1,410 |
Source: Ownwell