Farmington, Arkansas Property Taxes
The median property tax rate in Farmington, AR is 0.62%, notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Farmington at $291,250, the typical annual property tax bill is $1,863, which is below the national median of $2,690. Property taxes in Farmington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Farmington'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 Farmington or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmington, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,806
$1,676
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Arkansas
Property taxes in Farmington, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 0.62%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72730 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Farmington provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
0.62%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72730 | 0.37% | 0.49% | 0.62% | 0.81% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Arkansas
In Farmington, 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 Washington 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 Farmington, 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 72730, both at $1863.
Average Farmington Assessed Value
$291,250
Average Washington County Assessed Value
$274,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72730 | $166,200 | $217,800 | $291,250 | $360,225 | $498,875 |
Source: Ownwell
Property Tax Bills Across Farmington, Arkansas
In Farmington, located in Washington County, AR, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Washington County's property tax rate is relatively modest compared to the national median of 0.99%. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, a median home price in Farmington is $291,250. Homeowners in the 25th percentile might see tax bills around $1,200, whereas those in the 75th percentile could pay approximately $2,793. At the 90th percentile, tax bills can reach up to $3,585. These property taxes fund essential local services such as schools, emergency services, and infrastructure, directly impacting homeowners by contributing to the community's overall quality of life. Understanding how these taxes are calculated can help homeowners plan their finances more effectively.
Average Farmington Tax Bill
$1,863
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72730 | $704 | $1,200 | $1,863 | $2,793 | $3,585 |
Source: Ownwell