Magazine, Arkansas Property Taxes
The median property tax rate in Magazine, AR is 0.94%, slightly below the national median of 0.99% but higher than the Arkansas state median of 0.84%. With a median home value of $58,950 in Magazine, the typical annual property tax bill amounts to $504, which is significantly lower than the national median of $2,690. Property taxes in Magazine are determined based on the assessed value, which is often less than the market value due to various exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Magazine's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Magazine or another part of Logan County, familiarizing yourself with the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Magazine, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$554
$514
Ownwell’s MAGAZINE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MAGAZINE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAGAZINE 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 Magazine, Arkansas
Property taxes in Magazine, Arkansas, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Magazine is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Magazine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magazine 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 Magazine's effective property tax rate to other areas in Logan County and the national median. For comparison, the 72943 zip code has both the highest and the lowest median property tax rate of 0.94%. Understanding how these areas compare with Magazine provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magazine Tax Rate
0.94%
Average Logan County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magazine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72943 | 0.69% | 0.85% | 0.94% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Magazine, Arkansas
In Magazine, 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 Logan 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 Magazine, 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 Magazine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72943 has both the highest and lowest median tax bill, standing at $504.
Average Magazine Assessed Value
$58,950
Average Logan County Assessed Value
$67,850
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magazine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72943 | $13,500 | $29,750 | $58,950 | $102,850 | $161,850 |
Source: Ownwell
Property Tax Bills Across Magazine, Arkansas
In Magazine, Logan County, AR, property tax bills are determined through a combination of assessed property value and the local tax rate. The assessed value is a percentage of the market value of a property, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners in Magazine, the tax bill can vary significantly. The median home price stands at $58,950. The 25th percentile tax bill is $263, while the 75th percentile reaches $899, and the 90th percentile can be as high as $1,362. The highest and lowest median tax bills in the area are both $504, providing a sense of consistency within the zip code 72943. Compared to the national median property tax rate of 0.99%, Magazine's rates offer a relatively affordable tax burden for homeowners, impacting their overall housing costs and financial planning.
Average Magazine Tax Bill
$504
Average Logan County Tax Bill
$602
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Magazine, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72943 | $125 | $263 | $504 | $899 | $1,362 |
Source: Ownwell