Lafe, Arkansas Property Taxes
The median property tax rate in LAFE, AR is 0.81%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in LAFE, the typical annual property tax bill amounts to $291, significantly below the national median of $2,690. Property taxes in LAFE are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding LAFE'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 LAFE or another part of Clay County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafe, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$277
$257
Ownwell’s LAFE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAFE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAFE 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 Lafe, Arkansas
Property taxes in LAFE, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LAFE is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within LAFE set these rates annually, and they can vary significantly across different neighborhoods. Each year, LAFE 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 LAFE's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72436 has both the highest and lowest median property tax rate of 0.81%. Understanding how these cities compare with LAFE provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafe Tax Rate
0.81%
Average Clay County Tax Rate
0.78%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafe, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72436 | 0.68% | 0.74% | 0.81% | 0.83% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Lafe, Arkansas
In LAFE, 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 Clay County Assessor 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 LAFE, 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 LAFE 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 72436, with a median tax bill of $291.
Average Lafe Assessed Value
$34,150
Average Clay County Assessed Value
$59,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafe, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72436 | $4,040 | $10,400 | $34,150 | $54,750 | $71,910 |
Source: Ownwell
Property Tax Bills Across Lafe, Arkansas
In LAFE, located in Clay County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $34,150. Property taxes are determined by multiplying the assessed value by the local tax rate. This rate can vary, but it significantly impacts how much homeowners pay annually. For instance, tax bills in the 25th percentile are around $108, while those in the 75th percentile reach up to $399. At the 90th percentile, homeowners might see tax bills as high as $637. These figures indicate that property taxes in LAFE can vary widely based on the value of the property and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, LAFE's rates appear relatively modest. However, even within this small community, the tax burden can differ significantly, affecting homeowners' financial planning and overall cost of living.
Average Lafe Tax Bill
$291
Average Clay County Tax Bill
$445
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafe, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72436 | $42 | $108 | $291 | $399 | $637 |
Source: Ownwell