Fountain Lake, Arkansas Property Taxes
The median property tax rate in Fountain Lake, AR is 0.51%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $259,975 in Fountain Lake, the typical annual property tax bill amounts to $751, well below the national median of $2,690. Property taxes in Fountain Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fountain Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fountain Lake or another part of Garland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fountain Lake, 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 Fountain Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fountain Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fountain Lake 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 Fountain Lake, Arkansas
Property taxes in Fountain Lake, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fountain Lake is 0.51%, significantly lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Fountain Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fountain Lake 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 Fountain Lake's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 71901 has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Fountain Lake provides valuable insights into the varying tax landscape across Garland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fountain Lake Tax Rate
0.51%
Average Garland County Tax Rate
0.59%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fountain Lake, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | 0.31% | 0.38% | 0.51% | 0.64% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Fountain Lake, Arkansas
In Fountain Lake, 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 Garland 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 Fountain Lake, 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 Fountain Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 71901, with a median tax bill of $751.
Average Fountain Lake Assessed Value
$259,975
Average Garland County Assessed Value
$162,300
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fountain Lake, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $78,755 | $146,712 | $259,975 | $373,238 | $441,195 |
Source: Ownwell
Property Tax Bills Across Fountain Lake, Arkansas
In Fountain Lake, Garland County, AR, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. For homeowners, the tax bill is influenced by several factors, including the assessed value, local tax rates, and any applicable exemptions. For instance, a median home price in Fountain Lake is $259,975. Property tax bills can vary significantly, with the 25th percentile tax bill being around $504, and the 75th percentile reaching approximately $998. The 90th percentile tax bill can go up to $1,147. Compared to the national median property tax rate of 0.99%, Fountain Lake's tax rates provide a relatively affordable option for homeowners. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Homeowners in Fountain Lake benefit from a balanced approach to property taxation, ensuring that local services are well-funded without imposing an excessive financial burden.
Average Fountain Lake Tax Bill
$751
Average Garland County Tax Bill
$863
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Fountain Lake, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71901 | $356 | $504 | $751 | $998 | $1,147 |
Source: Ownwell