Midland, Sebastian County, Arkansas Property Taxes
The median property tax rate in Midland, Arkansas is 0.96%, slightly below the national median of 0.99% but higher than Arkansas' state median of 0.84%. With a median home value of $41,350 in Midland, the typical annual property tax bill amounts to $339, which is significantly lower than the national median of $2,690. Property taxes in Midland are based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Midland'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 Midland or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Midland, Sebastian County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$397
$368
Ownwell’s Midland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midland 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 Midland, Sebastian County, Arkansas
Property taxes in Midland, Arkansas, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midland is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Midland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midland 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 Midland's effective property tax rate to other counties in Arkansas and the national median. For comparison, the 72945 zip code has both the highest and lowest median property tax rate of 0.96%, illustrating the uniformity within the region. Understanding how these cities compare with Midland provides valuable insights into the varying tax landscape across Sebastian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midland Tax Rate
0.96%
Average Sebastian County Tax Rate
1.04%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midland, Sebastian County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72945 | 0.50% | 0.70% | 0.96% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Midland, Sebastian County, Arkansas
In Midland, 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 Sebastian 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 Midland, 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 Midland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 72945 has the highest and lowest median tax bill at $339.
Property Tax Assessment Values Across Midland, Sebastian County, Arkansas
Source: Ownwell
$41,350
$117,283
$193,215
Average Midland Assessed Value
$41,350
Average Sebastian County Assessed Value
$104,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midland, Sebastian County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72945 | $17,750 | $27,875 | $41,350 | $69,275 | $97,563 |
Source: Ownwell
Property Tax Bills Across Midland, Sebastian County, Arkansas
In Midland, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. For instance, with a median home price of $41,350, the assessed value is a significant factor in determining the tax bill. Homeowners in Midland can expect their property tax bills to vary widely. The 25th percentile tax bill is around $226, while the 75th percentile tax bill is approximately $550. At the higher end, the 90th percentile tax bill reaches up to $856. These variations in tax bills reflect the differences in property values and specific tax rates applied by local authorities. With the highest and lowest median tax bills both recorded at $339 in the zip code 72945, it's clear that tax rates in Midland can be relatively consistent within certain areas. Compared to the national median property tax rate of 0.99%, Midland's property tax rates may offer some relief to homeowners, but the impact on individual finances can still be significant depending on the assessed value of their homes.
Average Midland Tax Bill
$339
Average Sebastian County Tax Bill
$994
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Midland, Sebastian County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72945 | $150 | $226 | $339 | $550 | $856 |
Source: Ownwell