Guy, Arkansas Property Taxes
The median property tax rate in Guy, Arkansas is 1.01%, slightly higher than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Guy at $94,650, the typical annual property tax bill reaches $897, which is lower than the national median of $2,690. Property taxes in Guy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Guy'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 Guy 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
Guy, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$956
$887
Ownwell’s Guy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Guy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Guy 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 Guy, Arkansas
Property taxes in Guy, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Guy is 1.01%, higher than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Guy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Guy 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 Guy's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72061 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Guy provides valuable insights into the varying tax landscape across Faulkner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Guy Tax Rate
1.01%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Guy, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72061 | 0.73% | 0.90% | 1.01% | 1.08% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Guy, Arkansas
In Guy, 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 Faulkner 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 Guy, 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 Guy 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 in Faulkner County is 72061, with a median tax bill of $897.
Average Guy Assessed Value
$94,650
Average Faulkner County Assessed Value
$149,500
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Guy, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72061 | $20,840 | $50,950 | $94,650 | $153,550 | $200,620 |
Source: Ownwell
Property Tax Bills Across Guy, Arkansas
In Guy, located in Faulkner County, Arkansas, 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 Guy is $94,650. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and changes in the housing market can influence the assessed value. Homeowners in Guy may see a range of property tax bills. For example, the 25th percentile tax bill is $492, while the 75th percentile reaches $1,411. At the 90th percentile, the tax bill can be as high as $1,929. These variations highlight how different factors can impact the final amount owed. Compared to the national median property tax rate of 0.99%, homeowners in Guy experience a diverse range of tax bills, reflecting the unique assessment and valuation processes in Faulkner County. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average Guy Tax Bill
$897
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Guy, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72061 | $228 | $492 | $897 | $1,411 | $1,929 |
Source: Ownwell