Fairfield Bay, Arkansas Property Taxes
The median property tax rate in Fairfield Bay, AR is 0.58%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Fairfield Bay at $260,675, the typical annual property tax bill amounts to $1,558, well below the national median of $2,690. Property taxes in Fairfield Bay are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairfield Bay'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 Fairfield Bay or another part of Cleburne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairfield Bay, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,512
Ownwell’s Fairfield Bay Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fairfield Bay with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Fairfield Bay to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Cleburne County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Fairfield Bay, Arkansas
Property taxes in Fairfield Bay, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield Bay is 0.58%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Fairfield Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield Bay 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 Fairfield Bay's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72088 zip code in Fairfield Bay has the highest median property tax rate of 0.58%, while the same 72088 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Fairfield Bay provides valuable insights into the varying tax landscape across Cleburne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Bay Tax Rate
0.58%
Average Cleburne County Tax Rate
0.67%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72088 | 0.33% | 0.44% | 0.58% | 0.74% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield Bay, Arkansas
In Fairfield Bay, 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 Cleburne 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 Fairfield Bay, 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 Fairfield Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both found in the 72088 zip code, amounting to $1,558.
Average Fairfield Bay Assessed Value
$260,675
Average Cleburne County Assessed Value
$128,200
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72088 | $141,813 | $170,985 | $260,675 | $489,990 | $587,148 |
Source: Ownwell
Property Tax Bills Across Fairfield Bay, Arkansas
Property tax bills in Fairfield Bay, located in Cleburne County, AR, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $260,675, homeowners can expect varying tax bills depending on several factors such as the specific tax rate and any applicable exemptions. In Fairfield Bay, the 25th percentile tax bill is $982, while the 75th percentile tax bill reaches $2,786. At the 90th percentile, the tax bill can go as high as $4,110. These figures illustrate the range of property taxes homeowners might face, influenced by property value assessments and local tax rates. The highest and lowest median tax bills in the area are both $1,558, reflecting a consistent rate within the zip code 72088. Comparatively, the national median property tax rate stands at 0.99%, making Fairfield Bay's property tax rates competitive and potentially more affordable for homeowners.
Average Fairfield Bay Tax Bill
$1,558
Average Cleburne County Tax Bill
$753
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72088 | $531 | $982 | $1,558 | $2,786 | $4,110 |
Source: Ownwell