Lafe, Arkansas Property Taxes
The median property tax rate in Lafe, Arkansas is 0.73%, 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 $444, significantly below the national median of $2,690. Property taxes in Lafe are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as primary residence and agricultural exemptions. 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 Greene 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
0.73%
Estimate Property Tax Bill
$468
$434
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, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafe is 0.73%, 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 counties in Arkansas and the national median. For comparison, the 72436 zip code has the highest median property tax rate of 0.73%, while the lowest median tax rate is also in the 72436 zip code at 0.73%. Understanding how these cities compare with Lafe provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafe Tax Rate
0.73%
Average Greene County Tax Rate
0.84%
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 | 0.53% | 0.63% | 0.73% | 0.79% | 0.84% |
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 Greene 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. The median home price in Lafe is $64,100, and awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $444.00, found in the 72436 zip code.
Average Lafe Assessed Value
$64,100
Average Greene County Assessed Value
$101,950
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 | $16,740 | $34,000 | $64,100 | $116,600 | $171,110 |
Source: Ownwell
Property Tax Bills Across Lafe, Arkansas
In Lafe, Greene County, AR, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Lafe is $64,100. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For homeowners in Lafe, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $249, while the 75th percentile tax bill is $809. At the 90th percentile, homeowners might see a tax bill as high as $1,154. These variations highlight the impact of property characteristics and local tax policies on the final amount. Compared to the national median property tax rate of 0.99%, Lafe's property tax bills can be relatively manageable. However, the financial impact on homeowners depends on individual circumstances, such as the assessed value of their property and any qualifying exemptions. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Lafe Tax Bill
$444
Average Greene County Tax Bill
$820
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 | $143 | $249 | $444 | $809 | $1,154 |
Source: Ownwell