Mayflower, Arkansas Property Taxes
The median property tax rate in Mayflower, AR is 0.98%, which is slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $102,200 in Mayflower, the typical annual property tax bill amounts to $924, which is below the national median of $2,690. Property taxes in Mayflower are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Mayflower'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 Mayflower or another part of Faulkner County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mayflower, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,002
$929
Ownwell’s MAYFLOWER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MAYFLOWER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAYFLOWER 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 Mayflower, Arkansas
Property taxes in Mayflower, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayflower is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Mayflower set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayflower 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 Mayflower's effective property tax rate to other areas in Arkansas and the national median. For comparison, the zip code 72106 has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Mayflower 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 Mayflower Tax Rate
0.98%
Average Faulkner County Tax Rate
0.96%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayflower, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72106 | 0.71% | 0.85% | 0.98% | 1.04% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Mayflower, Arkansas
In Mayflower, 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 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 Mayflower, 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 Mayflower helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mayflower, ZIP code 72106, is $924, while the lowest is also $924.
Average Mayflower Assessed Value
$102,200
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 Mayflower, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72106 | $24,160 | $53,250 | $102,200 | $169,250 | $264,680 |
Source: Ownwell
Property Tax Bills Across Mayflower, Arkansas
In Mayflower, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. For instance, if your home’s market value is $102,200, the assessed value is determined by local regulations, often a fraction of the market value. The tax rate is then applied to this assessed value. Several factors influence the final tax bill, including property location, local tax rates, and applicable exemptions. In Faulkner County, where Mayflower is located, the median property tax bill stands at $924, which is below the national median of 0.99%. Homeowners in the 25th percentile pay around $463, while those in the 75th percentile face bills approximately $1,652. The 90th percentile sees tax bills as high as $2,421. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding how these elements interplay helps homeowners anticipate their annual financial obligations.
Average Mayflower Tax Bill
$924
Average Faulkner County Tax Bill
$1,390
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayflower, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72106 | $219 | $463 | $924 | $1,652 | $2,421 |
Source: Ownwell