A balanced farm tap regulator includes a valve housing having a fluid inlet and a fluid outlet connected by a fluid passageway. A valve seat is disposed in the fluid passageway. A removable balanced plug assembly includes a valve stem having a stem balanced fluid passage, a disk that cooperates with a valve seat to control fluid flow, and a stem guide that is removably attached to the valve housing. The disk includes a disk balanced fluid passage that is fluidly connected with the stem balanced fluid passage. The stem guide is removably attached to the valve housing, the stem guide including an inwardly extending guide flange and an externally extending guide flange. The inwardly extending guide flange cooperates with the valve stem to form a balance chamber, and the stem balanced fluid passage is fluidly connected to the balance chamber and to the disk balanced fluid passage.