Lafayette County, Arkansas Property Taxes
The median property tax rate in Lafayette County is 0.93%, which is slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Lafayette County being $29,800, the typical annual property tax bill is about $185, well below the national median of $2,690. Property taxes in Lafayette County are calculated based on the assessed value, which is often less than the actual market value due to various property tax exemptions such as those for primary residences and agricultural uses. Understanding Lafayette County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to significant annual savings. Whether you reside in Stamps or another part of Lafayette County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafayette County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$277
$257
Ownwell’s Lafayette County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lafayette County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lafayette County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lafayette County, Arkansas
Property taxes in Lafayette County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lafayette County is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Lafayette County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lafayette County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Lafayette County's effective property tax rate with other areas in Arkansas and the national median. For comparison, the city of Bradley has one of the higher property tax rates in Arkansas at 0.93%, while the city of Hope boasts one of the lowest at 0.84%. Analyzing how Lafayette County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lafayette County Tax Rate
0.93%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette County, Arkansas
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bradley | 0.22% | 0.57% | 0.93% | 1.03% | 1.03% |
| Buckner | N/A | N/A | N/A | N/A | N/A |
| Hope | N/A | N/A | N/A | N/A | N/A |
| Lewisville | 0.16% | 0.50% | 0.84% | 0.95% | 0.95% |
| Stamps | 0.14% | 0.43% | 0.84% | 0.94% | 0.94% |
| Taylor | 0.24% | 0.69% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette County, Arkansas
In Lafayette County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lafayette County Appraisal District. The assessed value, however, 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. Assessment notices in Lafayette County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, the city of Hope has the highest median tax bill at $250, while Stamps has the lowest at $148. Being aware of these valuation processes in Lafayette County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Lafayette County, Arkansas
Source: Ownwell
$27,350
$31,663
$35,975
Average Lafayette County Assessed Value
$29,800
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette County, Arkansas
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bradley | $3,335 | $12,375 | $33,100 | $64,762 | $137,860 |
| Buckner | N/A | N/A | N/A | N/A | N/A |
| Hope | N/A | N/A | N/A | N/A | N/A |
| Lewisville | $4,005 | $10,850 | $27,350 | $61,100 | $115,465 |
| Stamps | $4,150 | $11,225 | $27,450 | $54,450 | $98,050 |
| Taylor | $3,585 | $10,225 | $35,975 | $75,162 | $134,190 |
Source: Ownwell
Property Tax Bills Across Lafayette County, Arkansas
In Lafayette County, Arkansas, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, the tax bill is determined by multiplying the assessed value by the local tax rate. Several factors influence this calculation, including the home's location, its assessed value, and applicable exemptions. For instance, the median home price in Lafayette County is $29,800. The tax bill can vary significantly, with the 25th percentile at $61 and the 75th percentile at $461. At the 90th percentile, homeowners might see a tax bill as high as $913. The highest median tax bill in the county is in Hope, at $250, while the lowest is in Stamps, at $148. These figures illustrate how property taxes impact homeowners differently, depending on the assessed value of their property and the specific tax rates in their area. Compared to the national median property tax rate of 0.99%, Lafayette County generally offers lower tax bills, making it potentially more affordable for homeowners.
Average Lafayette County Tax Bill
$185
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette County, Arkansas
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Bradley | $27 | $71 | $235 | $594 | $1,182 |
| Buckner | N/A | N/A | N/A | N/A | N/A |
| Hope | N/A | N/A | N/A | N/A | N/A |
| Lewisville | $25 | $62 | $183 | $465 | $943 |
| Stamps | $23 | $56 | $148 | $350 | $652 |
| Taylor | $28 | $66 | $221 | $558 | $1,135 |
Source: Ownwell