FAYETTEVILLE, Ark. (KNWA/KFTA) — The increase of property values in Washington County is leading to a provision that reduces the property tax rates of the county.
The Washington County Assessor’s Office recently completed the 2023 county wide reappraisal.
“We adjusted the values of all the property in the county,” said Russell Hill, the county assessor. “Plus we saw a record in new construction for this year.”
According to Hill, the increase in construction and property values triggered a rollback of millage rates. Property taxes are made up of two numbers: the taxable value of houses and the millage rate.
“The millage rate is made up of your school district budget, the school district you live in and the county,” said Hill.
Hill stated 82% of property taxes goes to a school district.
“So, if you are in the Farmington School district we anticipate 1.6 mills taken off of their school millage rate,” said Hill.
School District Millage Rate rollbacks this year:
- Elkins: 44.0 mills down to 43.0 mills
- Farmington: 42.1 mills down to 40.5 mills
- Greenland: 39.5 mills down to 39.1 mills
- Lincoln: 42.7 mills down to 42.4 mills
- Prairie Grove: 42.5 mills down to 41.2 mills
- Springdale: 40.5 mills down to 39.8 mills
West Fork is the only school district in Washington County that will not have millage rate rollbacks.
The millage rollback will reduce the property taxes for homeowners. Amendment 79 in the state’s constitution limits the growth rate in property taxes through the roll back provision. However, school districts will still see an increase in revenue.
“The value does go up,” said Mickey McFetridge, director of accounting for Fayetteville School District. “So, we will still see an increase in the property tax that’s collected and shared with the school district. It’s just not quite as much.”
According to Hill, how much of a reduction homeowners will receive depends on a number of different variables. Such as which school district they live in, what city they live in and if they live in or outside city limits.