Fordyce, Arkansas Property Taxes
The median property tax rate in Fordyce, AR, is 1.00%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Fordyce at $39,500, the typical annual property tax bill reaches $385, which is significantly lower than the national median of $2,690. Property taxes in Fordyce 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 Fordyce'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 Fordyce 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
Fordyce, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$395
Ownwell’s Fordyce Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fordyce with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fordyce 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 Fordyce, Arkansas
Property taxes in Fordyce, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fordyce is 0.52%, which is lower than both the Arkansas state median of 0.61% and the U.S. national median of 0.99%. Local government entities within Fordyce set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fordyce 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 Fordyce's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71742 zip code has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Fordyce provides valuable insights into the varying tax landscape across Dallas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fordyce Tax Rate
1.00%
Average Dallas County Tax Rate
1.00%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fordyce, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71742 | 0.89% | 0.94% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Fordyce, Arkansas
In Fordyce, 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 Dallas 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 Fordyce, 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 Fordyce helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 71742, with a median tax bill of $385.
Average Fordyce Assessed Value
$39,500
Average Dallas County Assessed Value
$34,750
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fordyce, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71742 | $8,250 | $21,888 | $39,500 | $70,000 | $106,560 |
Source: Ownwell
Property Tax Bills Across Fordyce, Arkansas
In Fordyce, Dallas County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Fordyce is $39,500. Local tax authorities determine the assessed value and apply the local tax rate to calculate the tax bill. Factors such as property improvements, location, and market trends influence the assessed value. Homeowners in Fordyce can expect varying tax bills. The 25th percentile tax bill is $217, while the 75th percentile reaches $650, and the 90th percentile goes up to $995. These variations reflect differences in property values and any applicable exemptions or deductions. The highest and lowest median tax bills in the area both stand at $385, indicating a relatively uniform tax rate across the zip code 71742. Compared to the national median property tax rate of 0.99%, Fordyce’s tax bills are relatively modest, providing some financial relief to homeowners while still funding essential local services.
Average Fordyce Tax Bill
$385
Average Dallas County Tax Bill
$345
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Fordyce, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71742 | $89 | $217 | $385 | $650 | $995 |
Source: Ownwell