Arkansas Property Tax
Arkansas Property Tax Information
Where do my property taxes go?
The property tax is a local tax. County government administers it. It supports schools (76%), counties (16%), cities(8%), and some community colleges (less than 1%).
When and where can I pay my taxes?
Taxes may be paid by mail or in person to your local county collector and are due by the 10th day of October. Real estate taxes may be paid in installments: 1/4 due by April 15, 1/4 due by July 15, and the final 1/2 due by October 10.
How can I appeal my assessment?
Call your county assessors' office first for an informal appeal. If you are not satisfied with the results then call your county clerk and schedule an appointment with the county equalization board. It is too late to appeal after you have received your tax bill but the assessments for the next tax bill may be appealed.
When can I appeal my assessment?
The county equalization board normally meets in the months of August and September to hear assessment appeals. Schedule your appointment for appeal with the county clerk prior to this meeting.
How do I calculate my tax bill?
The market value of all of your taxable property (as established by the county assessor) is multiplied by 20 % (the assessment level applied in Arkansas). Multiply this assessed value times the millage rate established for your jurisdiction.
How are millage rates established?
School millage is set by election each September. The governing bodies establish county general, county road and city general millage in November. Other millage such as library, and firemen's pension millage are established by election, levied in November of each year and will carry forward as long as the purpose exists.
Why did my property tax increase this year?
One of two things can lead to a tax increase; your property value increased or the millage rate levied in your jurisdiction was increased.
Tax rates are stated in mills. What is a mill?
A mill is one tenth of a percent. On your calculator use .001.
Does the millage rate apply to the full value of my property?
No. Your property is first assessed at 20% of its full value by law. Then the assessed value is multiplied by the millage to determine the property tax.
How much will a one-mill increase cost the average taxpayer in taxes?
Someone who wishes to purpose a tax increase usually asks this question so that they can get the information out to the voting public. The public can best relate to the tax increase on a house. Choose a typical house value for your community, it may be $40,000 or $140,000 or something else. To calculate the tax take the house value you have chosen, $75,000 for example, and multiply this value by 20%, which is the assessment level. In this case it would by $15,000. Multiply the $15,000 times one mill or .001, which is $15.00. So, it can be stated that a one mill increase on a $75,000 home will cost the taxpayer an additional $15.00 a year in taxes.
How many dollars will a one-mill increase generate for my taxing unit (i.e. city, school, county or community college)?
Simply multiply the total assessment base of the taxing unit by .001. The total assessments for a taxing unit can be determined by calling your county assessor or by looking it up on this web site under "Statewide values and rates". You may need to adjust for collection loss, check with the county collector.
What are the requirements for a taxpayer to receive a $300.00 homestead tax credit on his/her property taxes?
The property has to be the principal place of residence for the tax payer. He must be either an owner, purchaser under a recorded contract to purchase, holder of a recorded life estate, or a person that has formed a revocable trust that owns the property. Residing in a nursing home does not disqualify a person from the benefits of this provision.
The property taxes on my home are $275; will the state send me $25 so I get the full $300 credit?
No. Amendment 79 provides that the tax credit will be for up to $300. If your taxes are lower than $300, the credit pays your full tax bill, but nothing more.
What are the requirements for a taxpayer to be able to have any increase in value on his/her homestead limited to not more than 5% a year?
In counties where there has been a countywide reappraisal between January 1, 1986 and December 31, 2000, any increase in value on a taxpayer's principal place of residence is limited to not more than 5% a year. In counties where there has not been a countywide reappraisal as stated above, the 5% limitation is not available to the taxpayer until the fourth year after the county has gone through a countywide reappraisal where any increases in value are put on the tax rolls at the rate of 33 1/3% a year for three years.
Are disabled veterans required to pay property taxes on their homestead or personal property?
No. In addition, surviving spouses and minor dependents of disabled veterans are not required to pay those property taxes.
Do disabled veterans receive a $300 tax credit on their homesteads?
No. Disabled veterans who are service connected 100% totally and permanently disabled do not pay property taxes on their homesteads so there is no tax to credit against.
Is there any relief available on property taxes for a homeowner who is not a disabled veteran?
Yes. Any increase in assessment will be capped at 5% except for new construction or newly discovered property.
A homeowner asks, "I'm turning 65 in July, does that mean that my property taxes won't go up this year?
Amendment 79 caps the assessment on a person's principle place of residence once he or she is 65 year's of age. There are really two things to address in this question. First, Amendment 79 does not cap taxes. Even if someone's assessment does not increase, his or her taxes will if there is a millage rate increase in the city, county or school district where he or she resides. Second, the timing of someone's 65th birthday is important because it is his or her age on January 1 that determines whether he or she is eligible for a capped assessment.
The answer to the specific question above is that the property owner may see a larger tax bill this year and next because of an assessment increase last year or this year. Whatever his or her assessment is this year will be the assessment for future years unless the property goes down in value or something new is added to it. Tax increases will occur in future years because of additions to the property or millage rate increases.
What gives the assessor the authority to come on to someone's property?
Arkansas law makes it the assessor's responsibility to physically inspect property to determine what is there that gives it value.
"For the purpose of enabling the assessor to determine just and equitable values of property, he is authorized, and it shall be his duty, to enter upon and make such personal inspection thereof as he shall deem necessary."
I bought my house from my father-in-law for $20,000 last year. Why is it appraised for $80,000?
The appraised value of your property for ad Valorem tax purposes is based upon market value. Market value is the most probable price that a property would bring if exposed to the open market for a reasonable period of time. It is the price that a willing buyer and a willing seller would agree upon under usual and ordinary circumstances.
Why did the appraiser measure that old barn at the back of my property when it's not worth anything?
The ACD Rules and Regulations require all real estate improvements to be listed on the property record card. That includes any improvements that are deemed to have no contributory value. Dimensional elements of NCV(no contributory value) improvements are optional.
Do I have to let the appraiser in my house?
No. Interior inspections of residences are not required.
When is the deadline for assessing personal property?
The deadline for assessing all types of personal property is May 31. Assessments filed after this date will include a 10% penalty.
When is the Millage Report published?
The Millage Report is published after January 1. Due to revisions and other contributing factors, it could be as late as March or April before it is ready.
When are the Ratio results reported?
The Preliminary Ratio is reported on August 1 unless there are revisions, with the final ratio reported on December 31.
When is the current year Summary Report ready?
Summary information is requested in February to be reported by March but it could be as late as May before the report is finalized.
Who do I contact about property that has been taken by the state for back taxes?
Contact the State Land Commissioners office. The telephone number is 501-324-9222 and the web site is www.state.ar.us./land/land.html .
Who do I call about:
Receiving your tax bill - your county collector;
Proof of payment of my taxes - your county collector;
Checking your assessments - your county assessor.
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