Magness, Independence County, Arkansas Property Taxes
Median Magness, AR effective property tax rate: 0.75%, significantly lower than the national median of 1.02%, but lower than the Arkansas state median of 0.84%.
Median Magness, AR home value: $42,250
Median annual Magness, AR tax bill: $194, $2,206 lower than the national median property tax bill of $2,400.
How are property taxes in Independence County calculated?
Property taxes in Magness, AR are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Magness’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Magness, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Magness, Independence County, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.75%
Estimate Property Tax Bill
$317
$294
Property Tax Rates Across Magness, Independence County, Arkansas
Local government entities determine tax rates, leading to significant variations even within the same state. This is because each county annually calculates its budgetary needs for public services and divides this by the total assessed value of all taxable properties in the area, resulting in the property tax rate. Although voting and legal processes play a role in setting these rates and budgets, this is the essence of the yearly procedure.
In Magness, located in Independence County, the effective property tax rate stands at 0.75%. This rate aligns with the highest and lowest median tax rates in Arkansas, both recorded in the same ZIP code of 72553. When comparing this to the national median property tax rate of 1.02%, Magness residents benefit from a considerably lower rate. Likewise, the national median property tax bill is $2,400, which suggests that property owners in Magness may experience lower annual tax bills compared to the national average. This comparison highlights the potential savings for property owners in Magness, making it a financially appealing location within Arkansas.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Magness Tax Rate
0.75%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Independence County Tax Rate
0.72%
Median Effective Arkansas Tax Rate
0.84%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Magness, Independence County, 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, Independence County, Arkansas
When examining property taxes in Magness, Arkansas, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Independence County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Independence County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Magness.
For example, the median home price in Magness is $42,250, with tax bills ranging significantly across the county. Zip code 72553 has the highest median home price at $42,250.
Property Tax Assessment Values Across Magness, Independence County, Arkansas
Source: Ownwell
$37,550
$61,275
$85,000
Median Magness Market Value
$42,250
Median Independence County Market Value
$66,400
Median Arkansas Market Value
$113,950
Median United States Market Value
$235,294
Property Tax Assessment Values Across Magness, Independence County, 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, Independence County, Arkansas
Median Magness Tax Bill
$194
Median Independence County Tax Bill
$426
Median Arkansas Tax Bill
$877
Median United States Tax Bill
$2,400
Property Tax Bills Across Magness, Independence County, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72553 | $68 | $117 | $194 | $387 | $565 |
Source: Ownwell