Magness, Arkansas Property Taxes
The median property tax rate in Magness, AR is 0.75%, which is lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Magness at $42,250, the typical annual property tax bill is $194, significantly below the national median of $2,690. Property taxes in Magness are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Magness'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 Magness 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
Magness, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$317
$294
Ownwell’s Magness Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magness with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magness 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 Magness, Arkansas
Property taxes in Magness, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magness is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Magness set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magness 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 Magness's effective property tax rate to other areas in Independence County and the national median. For comparison, the zip code 72553 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Magness provides valuable insights into the varying tax landscape across Independence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magness Tax Rate
0.75%
Average Independence County Tax Rate
0.72%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magness, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72553 | 0.13% | 0.22% | 0.75% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Magness, Arkansas
In Magness, 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 Independence 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 Magness, 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 instance, the highest median tax bill in the area is $194.00 in the 72553 zip code, while the lowest median tax bill is also $194.00 in the same zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Magness Assessed Value
$42,250
Average Independence County Assessed Value
$66,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magness, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72553 | $18,240 | $23,200 | $42,250 | $55,500 | $74,780 |
Source: Ownwell
Property Tax Bills Across Magness, Arkansas
In Magness, located in Independence County, AR, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Magness is $42,250. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, a homeowner in Magness with a property valued at the median price can expect a tax bill ranging from $117 at the 25th percentile to $387 at the 75th percentile, with the 90th percentile reaching up to $565. These tax bills are influenced by several factors, including the property's assessed value, current tax rates, and any applicable exemptions. Comparing this to the national median property tax rate of 0.99%, Magness homeowners generally experience lower property tax burdens. This relatively lower tax rate can offer financial relief to homeowners, making property ownership more affordable in this region. The highest and lowest median tax bills in Magness are both $194, reflecting a consistent tax rate across the area.
Average Magness Tax Bill
$194
Average Independence County Tax Bill
$426
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Magness, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72553 | $68 | $117 | $194 | $387 | $565 |
Source: Ownwell