Arkansas property tax appeals

In Arkansas, your county assessor determines the fair market value of your home, but Amendment 79 to the state constitution caps how fast the TAXABLE assessed value used to calculate your bill can catch up after a countywide reappraisal. A homestead property's taxable value can rise at most 5 percent a year; every other kind of real property, commercial, agricultural, or vacant, can rise at most 10 percent a year, in each case until it reaches the full assessed value. The cap does not apply to newly discovered property, new construction, or a substantial improvement, which are assessed at full value right away. If you disagree with your assessment, check with the county assessor first, since record errors in your home's size, condition, or features can often be fixed without a formal appeal. For a bigger dispute, the last day to schedule a hearing with the county Board of Equalization is the Third Monday in August. An appeal is most likely to help right after a reappraisal, when your value has just caught up to market, or when the assessor's record itself has an error. This is general information, not tax advice.