Oil Trough, Independence County, Arkansas Property Taxes
Median Oil Trough, AR effective property tax rate: 0.61%, significantly lower than the national median of 1.02%, but lower than the Arkansas state median of 0.84%.
Median Oil Trough, AR home value: $48,575
Median annual Oil Trough, AR tax bill: $212, $2,188 lower than the national median property tax bill of $2,400.
How are property taxes in Independence County calculated?
Property taxes in Oil Trough, AR are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Oil Trough’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Oil Trough, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Oil Trough, Independence County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.61%
Estimate Property Tax Bill
$296
$275
Property Tax Rates Across Oil Trough, Independence County, Arkansas
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Oil Trough Tax Rate
0.61%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Independence County Tax Rate
0.72%
Median Effective Arkansas Tax Rate
0.84%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Oil Trough, Independence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72564 | 0.12% | 0.23% | 0.61% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Oil Trough, Independence County, Arkansas
When examining property taxes in Oil Trough, Arkansas, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Independence County assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Independence County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Oil Trough. For example, the median home price in Oil Trough is $48,575, with tax bills ranging significantly across the county. 72564 has the highest median home price at $48,575.
Property Tax Assessment Values Across Oil Trough, Independence County, Arkansas
Source: Ownwell
$37,550
$61,275
$85,000
Median Oil Trough Market Value
$48,575
Median Independence County Market Value
$66,400
Median Arkansas Market Value
$113,950
Median United States Market Value
$235,294
Property Tax Assessment Values Across Oil Trough, Independence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72564 | $11,905 | $27,400 | $48,575 | $66,612 | $122,200 |
Source: Ownwell
Property Tax Bills Across Oil Trough, Independence County, Arkansas
In Oil Trough, located in Independence County, AR, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in this area is $48,575, which is significantly lower than the national median. Tax bills here can vary, with the 25th percentile at $77 and the 75th percentile reaching up to $463, while the 90th percentile is $823. These figures illustrate the range of property tax obligations homeowners may face. Compared to the national median property tax rate of 1.02% and a median tax bill of $2,400, Oil Trough's tax bills are relatively modest.
Factors influencing the tax bill include the assessed value of the property and any applicable exemptions. For homeowners, these taxes can impact annual budgets significantly. Ownwell offers property tax appeal and exemption services that can help homeowners in Oil Trough potentially lower their tax bills. By analyzing property assessments and identifying errors or opportunities for exemptions, Ownwell can assist in reducing the financial burden of property taxes, ensuring homeowners only pay what is fair.
Median Oil Trough Tax Bill
$212
Median Independence County Tax Bill
$426
Median Arkansas Tax Bill
$877
Median United States Tax Bill
$2,400
Property Tax Bills Across Oil Trough, Independence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72564 | $52 | $77 | $212 | $463 | $823 |
Source: Ownwell