Farmington, Arkansas Property Tax Law
In Farmington, Arkansas, the government imposes a tax (a legally-mandated payment made to the government) on real property. "Real property" is defined as any piece of land, or object permanently or semi-permanently affixed to the land (such as buildings, trees, minerals, etc.).
Property taxes in Farmington, Arkansas are calculated as a percentage of the appraised value of the property. Property taxes are paid to the state or local government at regular (often yearly) intervals.
The federal government almost never imposes property taxes directly. Property taxes are collected nearly exclusively by state, county, and local governments.
How Property Tax is Calculated in Farmington, Arkansas
Farmington, Arkansas calculates its property taxes by requiring property owners to pay a set percentage of the appraised value. While the property tax rate varies widely across different parts of the country, they fall into the 1-5% range.
In order to impose this tax, the government of Farmington, Arkansas first has to determine the taxable value of a piece of property.
In many ways, the value of a piece of land is relative. After all, many people ascribe sentimental value to their homes, which goes well beyond its market value. To ensure that the system is fair, the government uses only objective standards to determine value.
To this end, the Farmington, Arkansas appraiser will look at things like the state of the real estate market, the size of the land, the presence of additions to the land such as buildings, and the way in which the property is zoned.
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How A Farmington, Arkansas Property Tax Attorney Can Help.
Property tax law in Farmington, Arkansas is not always simple. Legal disagreements about property taxes can arise from almost any situation. For instance, you might have reason to suspect that the taxable value of your home was overestimated, creating a bigger property tax bill. And, the government might claim that you have underpaid your property taxes, while you think that you have paid the correct amount.
If you are involved in a property tax dispute with the tax authorities of Farmington, Arkansas, you should seek the advice of a Farmington, Arkansas tax attorney. Your attorney can help you prevent a small tax problem from turning into something much bigger and more expensive than it needs to be.