Magnolia, Arkansas Property Taxes
The median property tax rate in Magnolia, AR is 0.76%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With a median home value of $60,700 in Magnolia, the typical annual property tax bill amounts to $466, significantly less than the national median of $2,690. Property taxes in Magnolia are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Magnolia’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 Magnolia or another part of Columbia County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magnolia, Arkansas Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,680
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Arkansas
Property taxes in Magnolia, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 71754 zip code has the highest median property tax rate of 0.76%, while the 71753 zip code has the lowest median tax rate of 0.76%. Understanding how these cities compare with Magnolia provides valuable insights into the varying tax landscape across Columbia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
0.76%
Average Columbia County Tax Rate
0.78%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71753 | 0.62% | 0.75% | 0.76% | 0.79% | 0.79% |
| 71754 | 0.75% | 0.76% | 0.76% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Arkansas
In Magnolia, 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 Columbia 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 Magnolia, 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. For example, the highest median tax bill in Columbia County is $2,048 in the 71754 zip code, while the lowest median tax bill is $466 in the 71753 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Magnolia Assessed Value
$60,700
Average Columbia County Assessed Value
$50,700
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71753 | $9,900 | $24,600 | $60,700 | $139,575 | $213,800 |
| 71754 | $228,240 | $242,925 | $267,400 | $291,875 | $306,560 |
Source: Ownwell
Property Tax Bills Across Magnolia, Arkansas
In Magnolia, located in Columbia County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Magnolia is $60,700. Homeowners in this area face tax bills that can vary significantly, with the 25th percentile tax bill at $198 and the 75th percentile reaching up to $992. For those in the 90th percentile, tax bills can be as high as $1,561. Factors such as property location, improvements, and local tax rates influence these amounts. The highest median tax bill in the region is $2,048 in the 71754 zip code, while the lowest is $466 in the 71753 zip code. These variations highlight how property taxes can impact homeowners differently within the same county. Compared to the national median property tax rate of 0.99%, Magnolia's rates reflect the specific economic conditions and property values of the area, affecting how much residents pay annually.
Average Magnolia Tax Bill
$466
Average Columbia County Tax Bill
$400
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 71753 | $86 | $198 | $466 | $991 | $1,559 |
| 71754 | $1,724 | $1,845 | $2,048 | $2,250 | $2,372 |
Source: Ownwell