Midway, Arkansas Property Taxes
The median property tax rate in Midway, Arkansas is 0.62%, significantly lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $109,300 in Midway, the typical annual property tax bill amounts to $626, which is well below the national median of $2,690. Property taxes in Midway are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Midway's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Midway or another part of Baxter County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Midway, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$678
$629
Ownwell’s Midway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway 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 Midway, Arkansas
Property taxes in Midway, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 72651 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Midway provides valuable insights into the varying tax landscape across Baxter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Tax Rate
0.62%
Average Baxter County Tax Rate
0.65%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72651 | 0.48% | 0.54% | 0.62% | 0.72% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Arkansas
In Midway, 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 Baxter 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 Midway, 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 Midway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $626 in the 72651 zip code, which is the same as the lowest median tax bill, indicating uniformity in tax burdens across the region.
Average Midway Assessed Value
$109,300
Average Baxter County Assessed Value
$137,150
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72651 | $14,830 | $39,400 | $109,300 | $173,850 | $252,490 |
Source: Ownwell
Property Tax Bills Across Midway, Arkansas
In Midway, Baxter County, AR, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Midway is $109,300, and property taxes are applied to this assessed value. Factors such as the property's location, size, and condition can influence its assessed value, thereby affecting the tax bill. Homeowners in Midway experience a range of property tax bills. At the 25th percentile, the tax bill is around $244, while at the 75th percentile, it reaches $1,022. For those at the 90th percentile, the tax bill can be as high as $1,586. The highest median tax bill in the area is $626, observed in the 72651 zip code. Compared to the national median property tax rate of 0.99%, Midway’s tax rates can significantly impact homeowners, making it crucial to understand how these taxes are calculated and what factors contribute to the overall tax burden.
Average Midway Tax Bill
$626
Average Baxter County Tax Bill
$862
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72651 | $102 | $244 | $626 | $1,022 | $1,586 |
Source: Ownwell