Fayetteville, Arkansas Property Taxes
The median property tax rate in Fayetteville, AR is 0.66%, 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 Fayetteville at $312,400, the typical annual property tax bill reaches $2,082, falling below the national median of $2,690. Property taxes in Fayetteville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Fayetteville'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 Fayetteville or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fayetteville, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$2,062
Ownwell’s Fayetteville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayetteville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayetteville 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 Fayetteville, Arkansas
Property taxes in Fayetteville, Arkansas, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayetteville is 0.66%, lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Fayetteville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayetteville 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 Fayetteville's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72704 ZIP code has the highest median property tax rate of 0.68%, while the 72730 ZIP code has the lowest median tax rate of 0.49%. Understanding how these areas compare with Fayetteville 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 Fayetteville Tax Rate
0.66%
Average Washington County Tax Rate
0.60%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayetteville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72701 | 0.33% | 0.49% | 0.63% | 0.78% | 0.99% |
| 72703 | 0.41% | 0.53% | 0.68% | 0.79% | 0.98% |
| 72704 | 0.42% | 0.55% | 0.68% | 0.82% | 0.99% |
| 72730 | 0.33% | 0.39% | 0.49% | 0.62% | 0.71% |
| 72764 | 0.46% | 0.50% | 0.56% | 0.61% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Fayetteville, Arkansas
In Fayetteville, 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 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 Fayetteville, 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 Fayetteville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 72764, with a tax bill of $3,043, while the lowest is 72730, with a tax bill of $1,601.
Average Fayetteville Assessed Value
$312,400
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 Fayetteville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72701 | $148,170 | $218,750 | $316,350 | $472,925 | $665,600 |
| 72703 | $169,695 | $233,600 | $320,100 | $501,950 | $730,010 |
| 72704 | $183,700 | $229,400 | $301,250 | $387,100 | $517,250 |
| 72730 | $162,390 | $244,800 | $325,400 | $461,025 | $583,720 |
| 72764 | $415,450 | $470,712 | $548,175 | $598,138 | $647,950 |
Source: Ownwell
Property Tax Bills Across Fayetteville, Arkansas
In Fayetteville, Washington County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, the median home price in Fayetteville is $312,400. Homeowners here can expect their property tax bills to vary significantly, with the 25th percentile at $1,374 and the 75th percentile reaching $3,113. Factors contributing to the tax bill include the home's location, market value, and any applicable exemptions. Fayetteville's property tax rates are relatively moderate compared to the national median property tax rate of 0.99%. For example, the highest median tax bill in the area is $3,043 in zip code 72764, while the lowest is $1,601 in zip code 72730. These variations can significantly affect homeowners, influencing their overall cost of living and long-term financial planning.
Average Fayetteville Tax Bill
$2,082
Average Washington County Tax Bill
$1,659
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayetteville, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72701 | $650 | $1,203 | $2,025 | $3,255 | $4,835 |
| 72703 | $956 | $1,419 | $2,102 | $3,416 | $5,271 |
| 72704 | $900 | $1,487 | $2,082 | $2,801 | $3,919 |
| 72730 | $664 | $1,029 | $1,601 | $2,094 | $2,687 |
| 72764 | $2,099 | $2,531 | $3,043 | $3,566 | $4,402 |
Source: Ownwell