Example of Faulkner County Property Tax Calculation
Faulkner County property taxes are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For example, if a property is valued at $100,000 and the assessment rate is 20%, the assessed value would be $20,000.
Once the assessed value is determined, the property tax rate is applied. In Faulkner County, the tax rate for 2021 is 0.5611%. Using the previous example, the property tax would be $112.22 ($20,000 x 0.5611%).
It's important to note that property taxes are typically paid in two installments - one in March and one in October. Additionally, property owners may be eligible for certain exemptions or deductions that can lower their tax burden.
Overall, calculating Faulkner County property taxes may seem complex, but it boils down to the assessed value of the property multiplied by the tax rate.
If you want appeal your property tax assessment - contact your local tax assessor.
Faulkner County Property Tax Rates
Here's a formatted table listing the Faulkner County Property Tax rates per 100$ of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.648 |
| County Road | $0.5 |
| County Library | $0.1 |
| County Solid Waste | $0.25 |
| Beebe City | $1.356 |
| Conway City | $1.171 |
| Greenbrier City | $0.809 |
| Guy City | $1.0 |
| Holland City | $2.0 |
| Mayflower City | $1.0 |
| Vilonia City | $0.74 |
Please note that this information is accurate as of the time of writing, and property tax rates are subject to change. As a tax advisor, it's always recommended to consult with local authorities or seek professional advice for any specific tax-related needs.
Who sets property tax rates in Faulkner County ?
Faulkner County Property Tax Rates:
- Who sets property tax rates in Faulkner County?
The County Assessor's Office is responsible for establishing the assessed value of properties in Faulkner County, which is then used to determine the amount of property tax owed. The Faulkner County Quorum Court is responsible for setting the property tax rate each year based on the county's budget and funding needs.
- When are property tax rates set in Faulkner County?
The property tax rates in Faulkner County are set annually by the Quorum Court in the fall, typically in October or November. Property owners receive notification of their new property tax rate and the amount of taxes owed in the mail in December.
It is important to note that property owners can appeal their assessed property value if they believe it is inaccurate or unfair. Appeals must be made to the County Assessor's Office within a certain timeframe, typically within 30 days of receiving the assessment notice.
Homestead exemptions in Faulkner County ?
To provide an easy-to-read reference for Faulkner County homeowners in Arkansas, below is a table that outlines all county-specific Homestead exemptions and deductions. Please note that this information may be subject to change, and homeowners should always consult with their local tax assessor's office for the most up-to-date information.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Regular Homestead | Owner-occupied primary residence | Up to $35000 | Must be filed by May 31st |
| Senior Citizens | Owner-occupied primary residence, age 65+ | Up to $25000 | Must meet income requirements |
| Disabled | Owner-occupied primary residence, certified as disabled | Up to $10000 | Must meet income requirements |
| Veterans | Owner-occupied primary residence, honorably discharged veteran | Up to $35000 | Must provide proof of service |
| Surviving Spouse | Owner-occupied primary residence, surviving spouse of a veteran or first responder killed in the line of duty | Up to $35000 | Must provide proof of service or duty |
It's important to note that some of these exemptions may not be able to be used in conjunction with one another. Homeowners should carefully review the requirements and restrictions for each exemption and consult with their local tax assessor's office for guidance.
Additionally, homeowners may be eligible for other deductions such as the Homestead Credit (which provides a reduction in property taxes for those who meet certain income requirements) or the Disabled Veteran's exemption. Again, it's best to consult with the local tax assessor's office for more information on these programs.
By taking advantage of these county-specific Homestead exemptions and deductions, Faulkner County homeowners can potentially save thousands of dollars on their property taxes each year.
When is Faulkner County Property Tax due ?
Faulkner County Property Tax is typically due on October 15th of each year. There are several payment methods available to taxpayers in Faulkner County. These include:
| Payment Method | Description |
|---|---|
| In person | Taxpayers can pay their property tax in person at the Faulkner County Tax Collector's Office located in the Faulkner County Courthouse. Cash, check, and money orders are accepted. |
| By mail | Taxpayers can mail their payment to the Faulkner County Tax Collector's Office. The payment must be postmarked by October 15th to avoid penalties. |
| Online | Taxpayers can pay their property tax online through the Faulkner County Tax Collector's website. Credit cards and e-checks are accepted. |
It is important to note that failure to pay property tax by the due date can result in penalties and interest charges. Taxpayers should ensure that their payment is submitted on or before October 15th to avoid any penalties or fees.
If you have more questions - contact your local tax collector.
How is Faulkner County Property Tax penalty calculated ?
Faulkner County Property Tax Penalty Calculation
If a property owner fails to pay their property taxes on time, they will be subject to penalties and interest charges. The exact penalty is calculated using a formula based on the amount of delinquent tax owed and the length of time it remains unpaid.
Here’s an example of how the penalty is calculated in Faulkner County:
Suppose a property owner owes $1,000 in property taxes and fails to pay by the due date of October 15th. The penalty will be calculated as follows:
- An initial penalty of 5% will be added on October 16th, which amounts to $50.
- After 30 days, an additional 5% penalty will be added on November 16th, which amounts to another $50.
- If the taxes still remain unpaid after 60 days, an additional 10% penalty will be added on December 16th, which amounts to $100.
Therefore, if the property owner still hasn’t paid their taxes by December 16th, they will owe a total of $1,200, which includes the original $1,000 in tax owed, plus $200 in penalties.
It is important to note that interest is also charged on the delinquent amount, and it accrues daily. In Faulkner County, the interest rate is set at 10% per annum.
If a property owner is unable to pay their property taxes on time, they should contact the Faulkner County Treasurer’s office to discuss payment options and potential penalties.
Property taxes are an important source of revenue for local governments, so it’s crucial for property owners to pay their taxes on time to avoid penalties and interest charges.
We recommend contacting the Faulkner County Tax Office or a local tax professional for the most up-to-date and accurate information.