Taylor, Arkansas Property Taxes
The median property tax rate in Taylor, AR is 0.93%, slightly lower than the national median of 0.99% but higher than the Arkansas state median of 0.84%. Given the median home value in Taylor is $35,975, the typical annual property tax bill amounts to $221, which is significantly below the national median of $2,690. Property taxes in Taylor are determined based on the tax assessed value, which usually falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Taylor's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to meaningful annual savings. Whether you're in the heart of Taylor or another part of Lafayette County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Taylor, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$335
Ownwell’s Taylor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylor 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 Taylor, Arkansas
Property taxes in Taylor, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylor is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Taylor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylor 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 Taylor's effective property tax rate to other areas in Lafayette County and the national median. For comparison, the zip code 71861 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Taylor provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taylor Tax Rate
0.93%
Average Lafayette County Tax Rate
0.93%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71861 | 0.24% | 0.69% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Taylor, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Taylor, Lafayette County, Arkansas. 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 local 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 Taylor, 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. For instance, the median home price in Taylor is $35,975. The tax bills can vary significantly, with the 25th percentile at $66 and the 75th percentile at $558. The highest median tax bill is $221 in the 71861 zip code, which is also the lowest median tax bill. By understanding 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 Taylor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Taylor Assessed Value
$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 Taylor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71861 | $3,585 | $10,225 | $35,975 | $75,162 | $134,190 |
Source: Ownwell
Property Tax Bills Across Taylor, Arkansas
In Taylor, Lafayette County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, if the median home price is $35,975, the assessed value is a fraction of this amount, and the tax rate is applied to this assessed value. The tax rate in Taylor is influenced by various local factors, including school district funding, municipal services, and county requirements. Homeowners in Taylor can expect a wide range of tax bills. The 25th percentile tax bill is around $66, while those at the 75th percentile pay approximately $558. For the top 10% of taxpayers, the tax bill can reach up to $1,135. Comparatively, the national median property tax rate is 0.99%, highlighting that Taylor's property tax bills can be relatively modest. This variance in tax bills affects homeowners differently, depending on their property's assessed value and the specific tax rate applied. Understanding these factors can help homeowners anticipate their tax obligations more accurately.
Average Taylor Tax Bill
$221
Average Lafayette County Tax Bill
$185
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylor, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71861 | $28 | $66 | $221 | $558 | $1,135 |
Source: Ownwell