Ola, Arkansas Property Taxes
The median property tax rate in Ola, Arkansas is 0.89%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value in Ola of $48,400, the typical annual property tax bill amounts to $419, which is well below the national median of $2,690. Property taxes in Ola 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 Ola'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 Ola or another part of Yell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ola, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$431
$400
Ownwell’s OLA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OLA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OLA 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 Ola, Arkansas
Property taxes in Ola, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ola is 0.89%, which is below the U.S. national median of 0.99%. Local government entities within Ola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ola 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 Ola's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72853 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Ola provides valuable insights into the varying tax landscape across Yell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ola Tax Rate
0.89%
Average Yell County Tax Rate
0.90%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72853 | 0.70% | 0.88% | 0.89% | 1.01% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Ola, Arkansas
In Ola, 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 Yell 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 Ola, 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 Ola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 72853 has both the highest and lowest median tax bill at $419, reflecting the uniformity in tax assessments within the area.
Average Ola Assessed Value
$48,400
Average Yell County Assessed Value
$66,625
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72853 | $10,000 | $24,050 | $48,400 | $91,475 | $144,450 |
Source: Ownwell
Property Tax Bills Across Ola, Arkansas
In Ola, a city in Yell County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Ola can expect a median home price of $48,400, and their tax bills are influenced by this assessed value. The tax bill can vary significantly, with the 25th percentile at $219, the 75th percentile at $756, and the 90th percentile reaching up to $1,293. The tax rate in Ola is influenced by the local government's budgetary needs and the total assessed value of all properties within the city. These funds are crucial for maintaining public services such as schools, roads, and emergency services. Homeowners in Ola should be aware that their property tax bills can affect their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Ola's tax rates can be seen as relatively manageable, but they still represent a significant expense for property owners.
Average Ola Tax Bill
$419
Average Yell County Tax Bill
$585
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Ola, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72853 | $91 | $219 | $419 | $756 | $1,293 |
Source: Ownwell