Fairfield Bay, Arkansas Property Taxes
The median property tax rate in Fairfield Bay, AR is 0.96%, 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 Fairfield Bay at $66,925, the typical annual property tax bill is around $610, significantly below the national median of $2,690. Property taxes in Fairfield Bay are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Fairfield Bay'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 Fairfield Bay or another part of Van Buren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairfield Bay, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$642
Ownwell’s Fairfield Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfield Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfield Bay 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 Fairfield Bay, Arkansas
Property taxes in Fairfield Bay, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield Bay is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Fairfield Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield Bay 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 Fairfield Bay's effective property tax rate to other counties in Arkansas and the national median. For comparison, the zip code 72088 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Fairfield Bay provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Bay Tax Rate
0.96%
Average Van Buren County Tax Rate
0.88%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72088 | 0.82% | 0.93% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield Bay, Arkansas
In Fairfield Bay, 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 Van Buren 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 Fairfield Bay, 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 Fairfield Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fairfield Bay is $66,925, with tax bills ranging from $407 at the 25th percentile to $1,765 at the 90th percentile. The zip code 72088 has the highest and lowest median tax bill of $610.
Average Fairfield Bay Assessed Value
$66,925
Average Van Buren County Assessed Value
$61,550
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72088 | $18,750 | $42,950 | $66,925 | $114,125 | $197,560 |
Source: Ownwell
Property Tax Bills Across Fairfield Bay, Arkansas
In Fairfield Bay, located in Van Buren County, AR, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. The median home price in this area is $66,925. Homeowners can expect their property tax bill to vary widely depending on the specific value of their property. For instance, the tax bill for the 25th percentile is around $407, while it rises to $1,019 for the 75th percentile and reaches up to $1,765 for the 90th percentile. Several factors influence these calculations, including the property's market value, local tax rates, and any applicable exemptions. The highest and lowest median tax bills in the area are both $610, pinpointed in the zip code 72088. Compared to the national median property tax rate of 0.99%, Fairfield Bay's property tax can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan their finances accordingly.
Average Fairfield Bay Tax Bill
$610
Average Van Buren County Tax Bill
$534
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield Bay, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72088 | $179 | $407 | $610 | $1,019 | $1,765 |
Source: Ownwell