Oark, Arkansas Property Taxes
The median property tax rate in OARK, 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 $114,800 in OARK, the typical annual property tax bill amounts to $1,052, which is below the national median of $2,690. Property taxes in OARK are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding OARK'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 OARK or another part of Newton County, understanding 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
0.92%
Estimate Property Tax Bill
$1,056
$980
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oark is 0.92%, slightly below 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 zip code 72852 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Oark provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oark Tax Rate
0.92%
Average Newton County Tax Rate
0.71%
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 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Oark, Arkansas
In OARK, 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 Newton 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 OARK, 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 OARK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 72852, with a value of $1052.
Average Oark Assessed Value
$114,800
Average Newton County Assessed Value
$77,850
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 | $114,800 | $114,800 | $114,800 | $114,800 | $114,800 |
Source: Ownwell
Property Tax Bills Across Oark, Arkansas
In OARK, located in Newton County, AR, property tax bills are calculated based on the assessed value of a home, which is a fraction of its market value. The median home price in OARK is $114,800. Property taxes are determined by multiplying the assessed value by the local tax rate. In OARK, the property tax rate is relatively high compared to the national median property tax rate of 0.99%. Homeowners in OARK can expect a median tax bill of $1,052, regardless of the home’s market value, as indicated by the consistent tax bills at the 25th, 75th, and 90th percentiles. This uniformity suggests a standardized approach to property tax assessments in the area. For homeowners, this means that property taxes can be a predictable expense, but it may also represent a significant portion of their annual budget. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Oark Tax Bill
$1,052
Average Newton County Tax Bill
$525
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 | $1,052 | $1,052 | $1,052 | $1,052 | $1,052 |
Source: Ownwell