Arkansas Property Taxes — Home Value Appraisals — Professional Floor, Building & Landscaping Plans — Cheap Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
Arkansas Property Taxes Home Property Valuation Arkansas Property Tax Appeal and House Appraisal tutorial for establishing a home value appraisal. This will establish the market value of residential property and make a winning property tax appeal happen. Other books offer lot's of advice but not easy to follow actual examples for all valuation categories. Nothing comes close to this how to manual. Go to your local book shop or Barnes & Noble.com Bestsellers and see if you can find one. We're betting you can't.
CALCULATING HOME PROPERTY TAXES
Property taxes are based upon the value of home and property and the rate of taxation levied where the property is located. There are varying millage rates that can be levied in Arkansas.
The formula for calculating the amount of home property taxes due is the assessed value of the property multiplied by the total millage rate levied in the property’s location. The assessed value of a property is determined by dividing its market value (use value for agricultural, pasture and timber lands) by 5. One mill is 1/10th of a penny. All properties pay school taxes, which at a minimum must be 25 mills. Most will pay county general and road taxes, and if in a city a city general tax. Sample calculation where a property’s value is $100,000; its school district millage rate is 30 (.030), its county road rate is 3 (.003), its county general is 5 (.005), and city general is 5 (.005).
Market Value $100,000/5 =
Assessed Value 20,000
Total Millage Rate X .043
Property Tax Due $ 860
All property in Arkansas is assessed at the same level (20%), so the above example would work for commercial as well as individual personal property and commercial as well as residential property. Owner occupied residential property used as a principal place of residence receives a $300 tax credit, so if the above was someone’s principal place of residence, the total tax bill would be $560.
Arkansas Home Property Valuation Exemptions
• Amendment 79 provides that homeowners will receive up to a $300 tax credit for their principal places of residence and that homeowners who are 65 years of age or older or who are disabled will not see an increase in the assessment of their principal places of residence unless they make substantial improvements..
Homesteads used as a principal place of residence must be reported to the assessors’ offices in order for the $300 tax credit to be granted. Homeowners may report anytime before October 31 and receive their $300 credit. Property owners must also report
when their homestead is no longer eligible for the tax credit. For more complete information: http://www.arkansas.gov/acd/publications/a_synopsis.pdf
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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