Garfield, Arkansas Property Taxes
The median property tax rate in Garfield, AR is 0.88%, 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 $174,100 in Garfield, the typical annual property tax bill amounts to $1,454, which is below the national median of $2,690. Property taxes in Garfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Garfield'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 Garfield 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
Garfield, 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 Garfield Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Garfield. By simply inputting your property's estimated assessed value, the calculator utilizes the median tax rate specific to Garfield to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making it easier to plan your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. The assessed value of your property is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Garfield, Arkansas
Property taxes in Garfield, Arkansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Garfield is 0.44%, considerably lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Garfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garfield 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 Garfield's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72732 zip code has the highest median property tax rate of 0.44%, while the 72732 zip code also has the lowest median tax rate of 0.44%. Understanding how these cities compare with Garfield provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garfield Tax Rate
0.88%
Average Benton County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garfield, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72732 | 0.59% | 0.72% | 0.88% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Garfield, Arkansas
In Garfield, 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 Benton 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 Garfield, 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 Garfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72732 has both the highest and lowest median tax bills at $1,454, highlighting the variability in property tax assessments within the area.
Average Garfield Assessed Value
$174,100
Average Benton County Assessed Value
$211,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garfield, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72732 | $47,300 | $98,000 | $174,100 | $289,205 | $447,950 |
Source: Ownwell
Property Tax Bills Across Garfield, Arkansas
In Garfield, Benton County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Garfield typically see a wide range in their property tax bills. For instance, the tax bill at the 25th percentile is $752, while at the 75th percentile, it rises to $2,493. The highest median tax bill recorded in the area is $1,454, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These factors combined determine the financial obligation of homeowners each year. Understanding these elements is crucial for homeowners as property taxes can significantly impact their annual expenses and overall financial planning.
Average Garfield Tax Bill
$1,454
Average Benton County Tax Bill
$2,090
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Garfield, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72732 | $339 | $752 | $1,454 | $2,493 | $3,950 |
Source: Ownwell