ARKANSAS (KNWA/KFTA) – Those preparing for tax season may notice the price has gone up. And it all has to do with the value of cars.
This year, high vehicle demand and a computer chip shortage have led unclaimed cars to be scarce, which in turn makes your trusty truck more valuable.
Scott Hardin with the Arkansas Department of Finance says it’s a phenomenon that goes against the normal progression of your car’s value.
“I think all of us assume that if we have a vehicle, it depreciates from year to year, because that is normally what happens,” Hardin said.
He says that vehicle value is constant across the state, so one county assessor will have the same number as another.
Cars need to be assessed by the end of May, and you’ll have until October 17 to pay the property tax.