Madison, Arkansas Property Taxes
The median property tax rate in Madison, Arkansas is 0.71%, noticeably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Madison at $19,950, the typical annual property tax bill amounts to $134, significantly below the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Madison'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 Madison 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
Madison, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$142
Ownwell’s Madison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madison 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 Madison, Arkansas
Property taxes in Madison, Arkansas, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.71%, which is lower than both the Arkansas state median and the U.S. national median of 0.99%. Local government entities within Madison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison 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 Madison's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72359 zip code has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across St. Francis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
0.71%
Average St. Francis County Tax Rate
0.75%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72359 | 0.50% | 0.64% | 0.71% | 0.78% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Arkansas
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Madison, Arkansas. 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 St. Francis 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 Madison, 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 Madison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Madison is $134 in the 72359 zip code, while the lowest median tax bill is also $134 in the same zip code.
Average Madison Assessed Value
$19,950
Average St. Francis County Assessed Value
$48,600
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72359 | $10,990 | $14,900 | $19,950 | $27,100 | $40,960 |
Source: Ownwell
Property Tax Bills Across Madison, Arkansas
In Madison, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Various factors such as property size, location, and condition are considered to arrive at this value. Homeowners in Madison, located in St. Francis County, experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $103, while at the 75th percentile, it rises to $186. The 90th percentile tax bill reaches $274. These figures indicate that property taxes can vary significantly within the city. The highest and lowest median tax bills in the area are both $134, found in the 72359 zip code. Compared to the national median property tax rate of 0.99%, Madison's property tax rates are relatively manageable, providing some financial relief to homeowners. Understanding these factors helps homeowners anticipate their property tax obligations and plan accordingly.
Average Madison Tax Bill
$134
Average St. Francis County Tax Bill
$344
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72359 | $67 | $103 | $134 | $186 | $274 |
Source: Ownwell